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RMD not adding up from separate accounts

One account I withdrew $10,000 the RMD was $12,000.  Second account I withdrew $10,000 the RMD was $8000 Which adds up to RMD of $20,000. TT 2024 says I owe tax on $2,000

From IRS

If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all your IRAs and withdraw the total from one IRA or a portion from each of your IRAs.

 

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1 Reply
MaryK4
Employee Tax Expert

RMD not adding up from separate accounts

In TurboTax, you must designate the RMD amount for each 1099-R separately.  For the $10,000 withdrawal, you must indicate that $10,000 was RMD and for the $10,000 withdrawal, you must indicate $10,000 RMD.  TurboTax is working on correcting the entry- in the past it totaled the amounts from the separate entries for the penalty but currently it is not.  The issue is being investigated.

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