Error - calculating penalty on RMD

Bfair1599 — Sat, 08 Mar 2025 21:32:11 GMT

- Turbo tax calculates a penalty even if you enter the correct RMD amount and you received the correct RMD amount. You have to back it out of the RMD due by Dec. 31, 2024 box to avoid the penalty

Re: Error - calculating penalty on RMD

DanaB27 — Sun, 09 Mar 2025 15:09:43 GMT

Please follow these steps in TurboTax Online:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
Continue until "How much of the $XXXXX was a RMD?" screen and select "The entire distribution was an RMD" /or select "Only part of this distribution was a RMD" and enter the amount of RMD (if this distribution includes RMD for other IRA accounts then you included the amount here)
Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
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" if you met all of your RMD for 2024, otherwise select what is applicable.

In TurboTax Desktop:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
On the "Required Minimum Distribution" screen enter RMD for this account
On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "The entire distribution applied…" / or select "Some of this distribution…" and enter the RMD amount (if this distribution includes RMD for other IRA accounts then you included the amount here)
On the "Your 1099-R Entries" 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" if you met all of your RMD for 2024, otherwise select what is applicable.

topic Re: Error - calculating penalty on RMD in Retirement tax questions

Error - calculating penalty on RMD

Re: Error - calculating penalty on RMD