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RMD Question Confusion

For my 2024 RMD requirement, I took two distributions from two separate accounts.  The total of the two disbursements meets my 2024 RMD requirement.  However when I enter each 1099-R information into TurboTax I indicate that each separate transaction does not meet the total amount due.  This causes a window to come up asking if I met my obligation during the "correction window".  As I understand it, the correction window does not apply.  If I check yes, the tax amount increases by a significant amount.  If I check no, the tax amount is huge.  I do not understand how this handled in TurboTax.  How do I indicate that I met the RMD total requirement and that the correction window does not apply and therefore no penalties are to be assessed?  Help!!!

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15 Replies

RMD Question Confusion

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.   

ThomasM125
Employee Tax Expert

RMD Question Confusion

When you enter each Form 1099-R, indicate that it meets the Required Minimum Distribution (RMD). If your RMD was met overall, then the amount you took from either one was the required amount for it individually.  

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RMD Question Confusion

Thanks Volvo Girl for clarifying a confusing subject:

Do I understand correctly? (TurboTax Premier Desktop)

I took three distributions from my Traditional IRA's during 2024. A normal RMD, a QCD, and a Roth conversion. This resulted in three 1099-R's.

Would entering the amount in Box 1 apply to each of these as well?

Thanks in advance.

RobertB4444
Employee Tax Expert

RMD Question Confusion

Yes, since if there was an RMD for each one the distribution met the requirement.

 

@Romper 

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RMD Question Confusion

Technically, the Roth Conversion was not a RMD. The RMD from my Traditional IRA plus my QCD exceeded the amount required. The Roth conversion was over and above these. I did get an 1099-R for it.

Do I enter the amount in Box 1 on the 1099-R for Required Minimum Distribution Amount for the Roth conversion?

 

 

RMD Question Confusion

It should not ask your for the RMD for the conversion.  If it does say no.  What code is in box 7?  

RMD Question Confusion

Box 7 on the 1099-R for the Roth Conversion = 7 (Total Distribution is also checked)

The 1099-R for my RMD = 7

The one for the QCD = 7 

Your comment "It should not ask your for the RMD for the conversion". It does ask and it's a required entry. I cannot enter No. Must be a number. I entered 0. the tax due did not change.

Sound OK?

RMD Question Confusion

I opened my test return.   

One of the first questions ask Was this withdrawal an RMD for 2024?  Say No.  

Then What did you do with the the Money?  Say you moved the money to another retirement account.

Then check the box....did a combination of rolling over, converting or cashing out the money.

Then another box opens up...Amount converted to a Roth account.  

Then it's done and doesn't ask about RMD.  

 

I can make you a screen shot.  

RMD Question Confusion

I made a screen shot from my Windows Desktop program.  Do you get a screen like this?  Oh, I put Rollover to ROTH for the bank name just to test.  

 

IRA Convert ROTH.jpg

RMD Question Confusion

You've identified the problem, thanks.

When I did it your way no question was asked and the tax due didn't change.

 

PS - I think TurboTax should change the Learn More to remove the reference to the Correction Window. I'm sure I'm not the only one that's confused.

RMD Question Confusion

I agree that TurboTax needs to modify the questions and steps  regarding RMD disbursements.  The 2023 version handled RMDs much better, i.e. less confusing. 

rjr2al
New Member

RMD Question Confusion

VolvoGirl,

I have the same problem with the ONLINE VERSION. 

I received Only One 1099-R for a distribution that included a RMD, QCD & ROTH Conversion. I have tried every every combination of options & cannot get everything to balance. It seems like TurboTax doesn't include the QCD the RMD calculation. It then tells you you didn't take the total RMD. If you include the QCD in the Total RMD it doesn't allow you to take the total Roth Conversion. Totally frustrated after spending hours trying to solve this problem!!!! 

RMD Question Confusion

@rjr2al   You might have to split up the 1099R into 2 or 3.  @Dmertz 

RMD Question Confusion

TurboTax for 2024 is confusing. I was trapped in that same scenario until Volvo Girl pointed me in the right direction for the Roth conversion.

If you received only one 1099-R for all three, I assume the RMD, QDD, and the Roth conversion  are reported separately on the 1099-R??? 

As Volvo Girl suggested, I found that entering the QCD as a separate RMD made it easier to answer the questions rather than dividing it within the normal RMD.

For the Roth IRA conversion, also enter that as a separate 1099- R. Do you see Volvo Girl's solution above for the Roth conversion? 

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