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TurboTax 2024 - new question about RMD

It seems like TT 2024 is asking the question "Required Minimum Distribution Amount" after you enter the RMD amount taken from an account and answer that the total amount is RMD.  Is it asking for the total amount of RMD for that individual IRA account or the total RMD for all the IRA accounts?

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TurboTax 2024 - new question about RMD

It says this account.  So I would use only that 1099R.  I tested, I  entered a 1099R for 2,000 and a 1099R for 8,000.  After I enter the 8,000  distribution, if  I answered the total RMD of 10,000 (for both)  it says I didn't take enough.  So I need to enter only the 8,000.   

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10 Replies

TurboTax 2024 - new question about RMD

It says this account.  So I would use only that 1099R.  I tested, I  entered a 1099R for 2,000 and a 1099R for 8,000.  After I enter the 8,000  distribution, if  I answered the total RMD of 10,000 (for both)  it says I didn't take enough.  So I need to enter only the 8,000.   

TurboTax 2024 - new question about RMD

So in my case, with: 

Rollover IRA 1, Required RMD 16,415, taken RMD 11,680

Rollover IRA 2, Required RMD 12,333, taken RMD 17,069

Combined required 28,748, taken RMD 28749 (difference due to rounding)

TurboTax says because IRA 1 taken RMD is less than required RMD, it wants to generate form 5329-T and pay the penalty tax that I do not owe. How do I fix this?

 

TurboTax 2024 - new question about RMD

For the RMD questions just enter the amount that’s on that one 1099R box 1 not the total RMD.  It’s asking for each 1099R this year.   

TurboTax 2024 - new question about RMD

So in other words, lie to Turbo Tax.  

 

I have the same issue and I am not impressed with this "solution."  The amounts in my 1099 Box 1 are NOT the RMDs for most accounts.  TT should ask for the TOTAL RMD amount across all accounts, and not a falsified RMD amount for each account. 

 

The current situation is not acceptable.

jackmac45
New Member

TurboTax 2024 - new question about RMD

 I have the same problem. My line 1 401k distribution is greater than my RMD. The only way it works is if my Total Distribution equals my RMD. This is unacceptable, and a glitch in the program. You're right - you have to lie to Turbotax so you don't get the error message. My question is: How do you get Intuit to fix this?

TurboTax 2024 - new question about RMD

I have the same issue multiple IRA accounts.   Some i took too much RMD while others did not.    There does not seem to be a good method to determine if the total RMD was satisfied.  Seems like a code change is required.

STAR49
New Member

TurboTax 2024 - new question about RMD

I totally agree with you - TurboTax programmers need to make this fix a High Priority and send out an update before the end of this week!!

DawnC
Employee Tax Expert

TurboTax 2024 - new question about RMD

The screens you see are being updated; see the link below to sign up for notification.  Some TurboTax customers may receive an error, RMD amount should not be less than the distribution amount that is for the RMD. Check this entry, when the RMD and the amount applied to RMD are the same.   @jackmac45 

 

We’re currently working to resolve this issue. If you’d like to receive progress updates, sign up using this TurboTax FAQ.  

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GLG1966
New Member

TurboTax 2024 - new question about RMD

I agree as I had the same problem with the ask on an account that does not require RMD's (my CalPers pension) but I was able to get through it by entering the RMD amount under another account.  I find this TT Deluxe question very misleading and caused much consternation.  Hope this is changed for next year.  

TurboTax 2024 - new question about RMD

There is no law about lying to TurboTax. I just marked that it was all RMD and cleared the error so I could file.  It is a bug and will get fixed some day.

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