topic Re: RMD & QCD in Retirement tax questions

RMD & QCD

MK481 — Thu, 03 Apr 2025 17:48:36 GMT

RMD - $76,000

QCD - $10,000

1099R - $66,000

I input the above amounts in the requested fields in Turbo Tax but I am getting an error message saying that I am $10,000 short on my RMD and getting hit with a penalty.

Re: RMD & QCD

VolvoGirl — Thu, 03 Apr 2025 17:53:46 GMT

What line is the 66,000 on in the 1099R? Line 1 should be the full 76,000. And probably line 2a also.

Re: RMD & QCD

MK481 — Thu, 03 Apr 2025 18:16:45 GMT

Both are $66,000, appears I need to contact Schwab. Thanks!

Re: RMD & QCD

VolvoGirl — Thu, 03 Apr 2025 22:14:36 GMT

Did you get a separate 1099R for the QCD?

Re: RMD & QCD

MK481 — Thu, 03 Apr 2025 23:11:05 GMT

I did not receive a separate 1099R for the QCD. I had a incorrect RMD amount, it was actually $66,000,0 not $76,000. Thanks to your help I was able to get this sorted out. Thanks again.