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Level 1
April 24, 2026
Solved

RMD

Turbo tax is showing that I did not take the required amount for my RMD and the penalty is over $800. I checked with my financial institution and the amount I entered is correct. Do not know how to proceed with my tax return and had to file for extension. Please assist.

    Mike9241
    Mike9241Answer
    Level 15
    April 24, 2026

    Expert Reviewed

    in the 1099-R section, there are questions about RMD. you need to check that it is an RMD and specify the amount of the RMD, which cannot exceed line 1 and is normally the same as line 1. If you take RMDs from multiple accounts, the same rules apply to each 1099-R

    Mike9241

    1 reply

    Mike9241
    Level 15
    Mike9241Level 15Answer
    Level 15
    April 24, 2026

    Expert Reviewed

    in the 1099-R section, there are questions about RMD. you need to check that it is an RMD and specify the amount of the RMD, which cannot exceed line 1 and is normally the same as line 1. If you take RMDs from multiple accounts, the same rules apply to each 1099-R

    Mike9241