Fidelity sent a separate 1099R for each transaction.
Now that TurboTax has made an update to these screens, I am not getting the correct refund amount and I’m also not sure how to answer this question for each 1099R.
So I guess I’m asking if anyone knows on which 1099R I should put the RMD amount.
This is what the screen looks like:
Let's get more information about your Required Minimum Distribution (RMD).
Live tax advice
We still need some required info.
If your FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS CO. account was subject to a Required Minimum Distribution (RMD), we need to know the amount that was required to be distributed by December 31, 2024 from this FIDELITY INVESTMENTS INSTITUTIONAL
OPERATIONS CO. account.
Do not include RMDs which are due on April 1. RMDs for the first year you're required to take a distribution are generally due on April 1.
RMD due by Dec. 31, 2024
$
Needs info
Note: Do not include the RMD for other retirement accounts you may have. RMDs for other accounts should be entered separately.
If you took your full RMD, you do not have a penalty and your answers should be like one of these scenarios:
Scenario 1
IRA trad $800 distribution, RMD is $800 and all of went to distribution - taxes are right
Scenario 2
Same TIRA $800 distribution - RMD is $600 and not all went to RMD but $600 did - taxes are right
Issue:
Error if you say yes it all went to RMD but the RMD was smaller, must say no and enter amount
You can enter zero for the RMD or make up a number, just be sure the numbers match for the RMD amount.