topic Re: Minimum Required Distribution in Retirement tax questions

Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 14:23:58 GMT

My wife is more than 10 years younger than me, therefore my distribution is less than the usual. When I enter my distribution for 2024 it says I did not pay enough. The amount has been confirmed to be correct. How do I convey to Turbo Tax that I pay less than the usual amount due to age difference? Is there a box I should check or a form that should be completed. Thank you for providing much needed help!

Re: Minimum Required Distribution

JohnB5677 — Tue, 25 Mar 2025 15:31:37 GMT

Please clarify your question.

What does your wife's age have to do with your IRA of 401-K RMD distribution?

Please contact us again to provide some additional details.

Re: Minimum Required Distribution

VolvoGirl — Tue, 25 Mar 2025 15:36:01 GMT

Turbo Tax doesn't know what your RMD should be at all. You have to enter it. What question is Turbo Tax asking you? Can't you just pick all of it is the RMD? Enter the amount from box 1 for the RMD.

Re: Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 16:01:36 GMT

It is saying we owe over $6,000 because enough was not paid. The company that has the IRA has double checked the figures and they are correct.

Re: Minimum Required Distribution

DanaB27 — Tue, 25 Mar 2025 16:16:45 GMT

There are two RMD follow-up questions after you enter the Form 1099-R. The first one asks about the RMD amount for this account and the second one asks about how much of the distribution was applied towards the RMD. You can just select all of it was applied towards the RMD.

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
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.

Re: Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 16:42:13 GMT

That is how we answered number 4 and 6.

Re: Minimum Required Distribution

DanaB27 — Tue, 25 Mar 2025 17:18:54 GMT

You still are showing a penalty on Form 5329? Are you using TurboTax Desktop or TurboTax Online?

It would be helpful to have a TurboTax ".tax2024" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Online:

From the left menu select Tax Tools.
Then select Tools below Tax Tools.
A window will pop up which says Tools Center.
On this screen, select Share my file with Agent.
You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number.
Reply to this thread with your Token number and add @DanaB27 . This will allow us to open a copy of your return without seeing any personal information.

The instructions for TurboTax Download:

On your menu bar at the very top, click "Online"
Select "Send Tax File to Agent"
Click "Send"
The pop-up will have a token number
Reply to this thread with your Token number and add @DanaB27 . This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

Re: Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 17:51:32 GMT

Your distribution is less

Re: Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 18:43:33 GMT

We did choose all RMD for the question. It is saying we are $6,589 short w/a penalty of $1,647???

Re: Minimum Required Distribution

larrysmith — Tue, 25 Mar 2025 18:55:41 GMT

I was trying to send a diagnostic file, but I am unable to locate the tax tools/tool center. It is not on the left side of the screen. There are tools at the top but it does not include Tax Tools.

Re: Minimum Required Distribution

DoninGA — Tue, 25 Mar 2025 19:01:31 GMT

@larrysmith The answer was for someone using the TurboTax online editions.

You are using the TurboTax desktop editions.

Click on Online and click on Send tax file to agent