topic IRA and RMD in Retirement tax questions

IRA and RMD

pat o — Sun, 23 Feb 2025 20:22:50 GMT

Turbo Tax is charging us a penalty after the latest update, and neither of us are required to take RMD this year. Is there a problem with the last update?

Re: IRA and RMD

DanaB27 — Sun, 23 Feb 2025 20:57:38 GMT

If you were not required to take any RMDs for 2024 then you can tell TurboTax at the end of the retirement interview that you didn't fail to withdraw your RMDs:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
On the "Review your 1099-R info" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD"

Re: IRA and RMD

pat o — Sun, 23 Feb 2025 21:16:22 GMT

When I went into the program, I don.t find a 1099-r review page that has anything to do with RMD. When the new update came on today, it added an $800 penalty that hadn’t been there before.

Re: IRA and RMD

DanaB27 — Sun, 23 Feb 2025 21:51:39 GMT

If you are using TurboTax Desktop, the "Review your 1099-R info" screen is called "Your 1099-R Entries" screen. Did you enter any Form 1099-Rs? If not then you will just start in the retirement section and go through the questions until you get the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen.

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Update/Start" next to "IRA, 401(k), Pension Plan (1099-R)"
Continue through the questions until you get the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD"

Re: IRA and RMD

VolvoGirl — Sun, 23 Feb 2025 21:58:13 GMT

Why did you get the 1099Rs? What are your ages? What code is in box 7?

I would delete the 1099R and enter it again manually. That usually fixes it and resets the questions.