Error calculating TAX for RMD

[didaviscpa]

I agree with you that it is not being done correctly. It seems Turbotax is not adding the amount that you took out more from one IRA and comparing it with the one you took out less wherein you took out in total what is required. On 1099-R  under section RMD I checked entire gross is RMD and entered the same amounts in the RMD excess accumulation worksheet in A & B as what I entered on line 2a of the 1099-R. It is not correct, but it seems like the only way to avoid the extra tax in Part IX of Form 5329. Hopefully Turbotax will correct their calculation.

[shlaw47]

I had the same error.  The program wants you to provide a waiver form, but this is not required.  The IRS website clearly states the total amount of required distributions can be taken from one or more accounts rather than separately from each account.  Turbo Tax needs to fix or this is the last year I am using it.

[sandylw81]

Has anybody received an answer from Turbo Tax about this problem? I really wonder if they ever check the community discussions.

[VolvoGirl]

They are aware of this.   

[wbmeredith]

Apparently not. And there is no “Help” or support button on their web site nor a way to contact support on the web or in the program. This is frustrating the heck out of me. 

[VolvoGirl]

So until they change it back or if, to how it worked before then 

For the RMD questions just enter the amount that’s on that one 1099R box 1 not the total RMD.  It’s asking for each 1099R this year.   

[ATCQEddey]

I agree 100%, Turbo Tax has a programming error! To have us lie and enter the wrong numbers is outrageous!

[ATCQEddey]

No answer has been given. It is outrageous that they expect us to enter the wrong numbers in the RMD slots for those of us with more than one rollover IRA accounts. 

[plpollack]

I have two IRA's and ran into the same bug - ridiculous.

I am going to do what others have suggested - put in the RMS for each account that matches my w/d from that account.

I hope TT fixes this next year.

[plpollack]

I decided not to wait and try again, but to adjust my RMD requirement per account to match my w/d, as suggested here.

Clearly it is legit - correct taxes paid on the correct amounts.

I saved a copy of my file in case I want to check later if they fixed it, but I ain't waiting for the fix.

[ndg42598029]

Turbo Tax won't file my return electronically.   It keeps giving me an error saying my RMD should not be less than the distribution amount.   What?!   I took out more from IRA than RMD required.   That can't be so unusual. 

Is my only option to mail my return?  

[wbmeredith]

I have not yet received an answer from TurboTax.  And as of the UPDATE I just downloaded, the problem still exists.
I am SUPER FRUSTRATED with TurboTax for the first time in MANY MANY years of use.
Does anyone know how to get in touch with them, they apparently don't monitor this site.
I have a combination of this error, and I need to know how to enter data from IRA's that I didn't withdraw any funds for and don't have a 1099-R,  
I don't want to fill the forms out with incorrect data, unless of course TurboTax will cover the penalties if the IRS comes down on me for doing so.
How do I get my money back for this software I can't use So I can get my taxes done elsewhere.
COME ON TURBOTAX, how about a response from your reps?

WE NEED THIS FIXED!

[robrien]

Hi,

    I'm having similar problems.  The Turbotax 2024 program does not appear to recognize that a Qualified Charitable Distribution (QDC) can be counted towards satisfying a Required Minimum Distribution (RMD).   My 2024 annual withdrawals from a TIAA retirement account plus a QCD from this same account easily satisfy my RMD for 2024, but Turbotax 2024 says otherwise.   

[VolvoGirl]

Again.....Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for all. Even if they would add up to more. 

[DianeW777]

Thank you for your valued feedback. This situation has been resolved.  Please clear all of your browser history and then review your 1099-Rs and RMD questions. See the link below for assistance and please update here if you need to.

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