I have RMD's from 2 separate traditional IRA accounts. I took a larger distribution than required from one account to make up for taking a lesser than required amount from the other IRA, with the total withdrawal between the 2 accounts being more than required amount for the total RMD of the 2 accounts added together. When I enter it in Turbo tax, it is showing a shortage from the account I took the lower distribution from and asking if I did a makeup withdrawal within the correction window. The total required amount was withdrawn before December 31, 2024, there is no makeup withdrawal applicable and it keeps coming up as an error. I do not know how to correct this. Please help!
An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.
If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.
By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.
Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.
However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.
Please read this IRS FAQ for more information.
Thank you for your response! I went back in and changed the RMD for each company to the amount I had withdrawn from that company instead of the specific RMD for that company/account and both amounts added up to the total RMD I was required to take. This worked with no error message and no message about a correction window. I was able to complete and file my income tax using turbo tax. Thank you for the advice as to how to enter the RMD.