I turned 73 in 2024 and I took my first RMD distribution in December of 2024. I'm trying to enter the amount into my return and it keeps showing the amount as an " RMD excess accumulation" in the excess accumulation box of the 1099-R form. I thought excess accumulations were a penalty when you don't pay your RMD on time. Is the RMD supposed to show up in the "RMD excess accumulation" box when paid on time? CONFUSED!
There is no excess accumulation box on Form 1099-R, so I would recommend that you delete your 1099-R entry and re-enter it. Pay close attention to the follow-up questions.
If you know what your RMD is for 2024, you can enter it when asked; however, neither TurboTax nor the IRS knows what your RMD should be. If you don't know the amount, enter an amount equal to or less than the Distribution amount in Box 1 on your 1099-R.
If you're using TurboTax Online, clear your Cache and Cookies after deleting the 1099-R.
Here's more info on What is RMD? and 1099-R for Pensions, Annuities, Retirement.