topic RMD Taxes in Retirement tax questions

RMD Taxes

waynelandry1 — Mon, 24 Feb 2025 18:28:04 GMT

I took my RMD in December and deducted 10% for Federal and State taxes. I don't understand how to show that in TurboTax. I've entered the 1099-R but I don't see anything about the money withheld for taxes.

Re: RMD Taxes

xmasbaby0 — Mon, 24 Feb 2025 18:31:55 GMT

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

Enter all of the boxes from your 1099R. The federal tax that was withheld is in box 4 of the 1099R. If you had state tax withheld it is shown in box 14 of the 1099R.

You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks. When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld. You might owe more or you might get a refund.

Re: RMD Taxes

waynelandry1 — Mon, 24 Feb 2025 19:51:10 GMT

Thanks so much!!

If you don't mind a followup question....

I received money back (in Y2024) from the RMD tax distribution from Y2023. I can't think of any reason I would need to include that on Y2024 taxes.

There is, however, a section in "Deductions and Credits" titled "Estimates and Other Taxes Paid"/"Other Income" that has me confused. It appears to be focused on taxes paid related to extensions, which I don't think applies to this case. I simply took the RMD in Y2023, withheld 10% and got some of that money back after filing the Y2023 taxes.

Am I correct in thinking that the referenced section has nothing to do with the RMD and the 10% withheld?

Re: RMD Taxes

waynelandry1 — Mon, 24 Feb 2025 19:57:19 GMT

As a followup I think I may see what is happening. The "Other Taxes Paid" section appears to be showing the 10% deductions that were included on the 1099-R. I haven't found a way to remove the numbers showing up so it must be the system populating that information automatically. If so, that is very confusing.