RMD

Forum|Forum|2 months ago
March 23, 2026
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I have two IRA rollover accounts with the same custodian that issues an RMD for each account. I withdrew more than enough to fulfill the total RMD but took more of it from one account. How do I respond to the inquiries to reflect this on TT. I have cited the total RMD for both accounts and TT is allocating penalty tax for under withdawing.

MinhT1

Level 15

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 the 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.

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