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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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5 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?

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