3446258
When entering data for an Inherited IRA on TurboTax Deluxe 2024 for macOS, TurboTax screens state I took a TOTAL distribution that was actually my RMD, even though I withdrew more than my RMD. Then I get an error stating my "RMD should not be less than the distribution amount". It wasn't. My RMD was $5400 and I withdrew $11,000. I think this portion of TurboTax's query has an error. Wish I could add a screenshot here.
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When answering the RMD questions for the inherited IRA, be sure to only answer the question as it relates to the inherited IRA, not all IRA amounts.
On the 1099-R input screen, be sure that you have selected the correct code in box 7. Inherited IRA's typically will show code 4 for death.
As you continue through the screens, you will be prompted to answer questions about how you inherited the IRA. Enter the information as prompted.
When you arrive at the screen titled "About This Inherited Retirement Account," be sure to only answer the RMD question for this particular inherited IRA. Do not include your personal IRA RMDs on this screen. If all of the distribution was a RMD, simply check the box on this screen that says "All of this distribution was an RMD."
The last screen will ask you to confirm the amount of the RMD. This again relates to the inherited IRA so only enter the amount as it applies to this specific retirement distribution.
Once you have made all of those entries, you should be able to proceed with your tax return.
Thank you for the detailed response. The latest update fixed the error.
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