RMD Entries

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Mid year I moved my IRA from Schwab to Vanguard. I had taken a partial RMD withdrawal in January when the account was with Schwab, I then took the remaining RMD withdrawal in September when it was at Vanguard. I have satisfied all my 2024 RMD with those two withdrawals. I have gotten a 1099-R from Schawb and one from Vanguarad. I have entered both of these in my 2024 return. When I do, Turbo Tax asks me each time if this entry covered my entire RMD. As each individual withdrawal does not I check no. Then I am asked to enter what the total amount of the RMD. When I do this Turbo Tax is treating the difference between the amount withdrawn and the RMD as a taxable income. How would you suggest I work around this issue.

MinhT1Answer

Alumni - Intuit

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA. By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty.

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