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.
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
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