RMD showing up on excess accumulation worksheet

[Dave Moss]

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!

[MarilynG1]

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.

@Dave Moss