3529469
I have taken more than the RMD amount each year from my IRA since I was able to start receiving distributions. In prior years a CPA did my taxes so I was out of the loop with this and now I am faced with a question for which I don't know the answer. If I took $7200 in distributions from one of my IRAs and the RMD was $3800, how do I show that in my return? I have identified $7200 in the 1099-R section but in the review it says to only enter the 2024 RMD. Which is it? If I show the $3800, seemingly, I would under report by $3400.
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You can enter the 3800 for the RMD. Turbo Tax just wants to know if you took the RMD amount because if you didn’t you owe a penalty. It won’t change the 7200 distribution. Check your 1040 line 4b for the taxable amount.
Before filing, You can preview the 1040 or print the whole return
You can enter the 3800 for the RMD. Turbo Tax just wants to know if you took the RMD amount because if you didn’t you owe a penalty. It won’t change the 7200 distribution. Check your 1040 line 4b for the taxable amount.
Before filing, You can preview the 1040 or print the whole return
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