topic RMD in Retirement tax questions

RMD

epm287 — Wed, 26 Feb 2025 00:10:00 GMT

The full amount RMD for 2024 is shown on my wife's 1099R form. This was confirmed with the financial institution. However, it is not being recognized and a 25% penalty is being assessed. How can this be fixed?

Re: RMD

ThomasM125 — Wed, 26 Feb 2025 00:27:11 GMT

After you enter your Form 1099-R, you will be asked to enter your required minimum distribution for the year on the screen that says Required Minimum Distribution (RMD). If you enter the same amount as reported in box 1 on your Form 1099-R, then you should not get a penalty for being deficient in your RMD.

On another screen you will be asked How much of This Distribution Applied to Your December 31, 2024 RMD?, you need to answer all of it if that was true:

Re: RMD

cempie — Thu, 27 Feb 2025 16:03:08 GMT

This information is NOT true for Turbo Tax premier for Mac. I have submitted a post and no one replied. This programming error is inexcusable. My way around the problem was to enter $0 for the amount of the RMD, but left the box 1 and box 2 numbers correct as shown on the 1099-R. I do not want to file my taxes this way, but TT is not responding with a fix. GRRRRRRRR. 20 year TT user.