Intuit is miscalculating my RMD.

[James L3]

My return shows an incorrect penalty for a failure to make an RMD as the program has inflated the amount of the RMD I should have received.  How do I fix that amount in the program?  Can I do a manual override based on the 1099 amount or do I have to inform the IRS in a penalty waiver because of the miscalculation of the Intuit program?  I do not want to file a waiver because I can't get Intuit software to post the correct number.  Help please.  

JLL

[James L3]

The miscalculation comes from Intuit using the wrong factor to multiply for the age.  Intuit is halving the factor, in this case from 24.6 to 12.3 (if you follow the math, you will see the problem). This doubles the RMD requirement and results in a reporting of a substantial penalty.   I hope that does not affect all RMD calculations for those filing returns.  I hope that it is only my return.  Be aware of this issue if you have RMD's to report and check your numbers!  Do not rely on the Intuit calculation unless you confirm  manually in your case that it is accurate.  There are IRS charts to determine the divisor based on your age to apply to your balance as of December 31, 2024 for your 2025 RMD.