topic RMD in Retirement tax questions

RMD

robi7 — Thu, 27 Feb 2025 03:53:39 GMT

If I withdraw more than my RMD in my 403-B, and it is over the allowable $20K for NY State

How do you answer this in TurboTax

Re: RMD

SabrinaD2 — Thu, 27 Feb 2025 04:13:32 GMT

If you withdraw more than your Required Minimum Distribution (RMD) from your 403-B and it exceeds the $20,000 exemption for New York State, here's how to handle it in TurboTax:

Open your return and go to the Federal section.
Navigate to the Wages & Income section.
**Scroll down to Retirement Plans and Social Security and select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
Enter your 1099-R information: Follow the prompts to enter the details from your 1099-R form.
Answer questions about excess and indicate the amount over the $20,000 exemption: TurboTax will guide you through the process of reporting the taxable portion of your distribution.

For more detailed guidance, you can refer to the TurboTax Community support page.

Re: RMD

robi7 — Fri, 28 Feb 2025 20:20:00 GMT

re: your No. 5 answer. :

there are no questions about EXCESS or anything about OVER $20,000

Re: RMD

robi7 — Sun, 02 Mar 2025 04:28:25 GMT

Your No. 5. Answer questions about excess and indicate amt over $20,000

There is no entry in TurboTax about EXCESS or AMOUNT OVER $20,000