I have satisfied my RMDS for two IRA accounts but only took the RMD out of one IRA and have only one 1099-R.
How do I put that info into TT for the IRS to understand that I satisfied the RMD for the two accounts? I actually took out about $133 extra.
is TT going to fix this for us to input it correctly?
The information you enter in TurboTax regarding Required Minimum Distributions (RMDs) is not sent to the IRS. TuboTax will generate Form 5329 and calculate tax owed, if you do not take your RMDs based on your answers to questions regarding RMDs. As long as you satisfied your RMDs, there is nothing else to do and nowhere in TurboTax to report it.
I am so confused because I do not know how much to put in each of the boxes that it is asking me. If I put in the total 1099-R amount it ask how much was for RMD. So I click part of it was for the RMD. Then it asks how much. Do I add both RMD’s from my 2 accounts even though the 1099-R is for one account?
What am I supposed to put in each prompt?
In this case, because you only have the one 1099-R, you are going to enter the RMD for the account that you are reporting only. As @DavidD66 says the RMD information is not reported to the IRS so you do not need to enter any information about the RMD for the other account on this tax return.