Turbo tax 1099 R entry error concerning RMD reporting

[JWBTexas]

Mac Desktop 2024 Turbotax error in 1099R RMD excess distribution worksheet: 

RMDs are computed to cents and are reported on 1099-R at that precision.  In the Turbotax 1099R worksheet, distributions at or above the previously determined RMD are calculated (to perhaps be used later for potential rollover to another retirement (ROTH, etc) or to a qualified charitable deduction.  The above worksheet has the proper (to the penny) RMD amount for 2024, but the worksheet item B  (plugged from that precise amount is carried forward whole dollars, and entering the precise RMD amount is item A is also rounded.  The result is that the worksheet is now shown to be in error (as being less than the correct RMD amount) and can't be corrected to allow filing.  This is in the current Mac desktop product updated as of 23 Jan 2024.  Help is needed!

[DaveGrant]

I have the same problem with the Windows Premier version. Not only should the amounts on lines A & B not be rounded; in the Windows version Line B seems to the RMD amount rather than the gross distrubtion from line 1 of the 1099-R. we won;t be able to file our returns electronically until these errors are resolved.

[VolvoGirl]

Did you try leaving off the cents when you enter the 1099R so it will match?

[SteamTrain]

Goo lord Almighty....the problems with the RMD entries are far worse than I would ever have expected.

They really fouled up the RMD questions & calculations this year !!!

[2019 release notes]

I am seeing the same issue with the Windows version.  TurboTax was updated last Thursday, 1-23-25.  I can drop the cents, and it will work. Also, ran the error checker and all is ok with no cents.

Have another 1099R form and its cents is 70 and never an issue.  

I am using TurboTax 2024 Deluxe and the1099R that is working is Spouse 1 and Spouse 2 has the issues.  The data is duplicated and from the same investment group.  The only difference on the 1099R is name, SS number and amount of income.  No taxes withheld. 

1-30-25

The update version [phone number removed] did not fix this issue.

1-31-25

The update version [phone number removed] did not fix this issue.

2-1-25

Cleared all the browser history, download history, cookies, other site data and cached images and files.

Also, the computer was restarted.

The RMD box A still has the issue.

[DaveGrant]

If you lie on the 1099-R input; then it won’t reconcile the with the one the company sends to the IRS. Probably wouldn’t be caught; but if they automate the audit process it would be caught. I know that Hawaii wouldn’t allow rounding on numbers that also get reported to them. Better Intuit should fix their software.

[J_W_Bishop]

For most people, using and calculating RMD's rounded may work just fine.  My financial institution (Schwab) however, does 2 of the 3 calculations on my IRA's to the penny and reports them to the penny.  The 3rd RMD is required (and must be self calculated) for a beneficiary RMD (pre 2020, so RMD's for the lifetime of the beneficiary).  I can, I've discovered, calculate that self-calculated number either to the penny (via several online calculation services) or to the whole dollar (same), but BECAUSE RMD's can be paid (not calculated - paid) from your own selection of the IRA's that you wish to use for such payment, their total and source, according to the IRS, must be precisely identifiable.  That's what this worksheet box is supposed to do - make sure you're verifying sufficient payment or overpayment (from all your IRA's) REGARDLESS of which IRA's are the ones from which you're making payment.  All the values involved in this calculation and eventual reporting to the IRS should be to the penny.  Further, overpaying RMD's may be beneficial to anyone who wants to take their excess withdrawal and plow it into a Roth or other retirement arrangement, OR turn the excess into a non-taxable charitable contribution.  Both those circumstances require correct calculation and reporting of the RMDs  involved.

These calculations and apportionment of funds from multiple retirement accounts has got to be right, not just "whatever I choose"...  There's a substantial penalty (perhaps not monetary, but certainly auditability to the IRS's gain) that I (and you) should want to avoid.  There's no penalty for requiring all RMD calculations or payments to be to the penny, it's easy to do, and it should be easy (required?) for Intuit to spend brief time to examine and solve the problem.  Without a formal way to post such a bug report at Intuit, I'm hoping someone will help get our discussion here to someone who can get it fixed.  Thanks for all your feedback in the Community.

[roseng101]

I have the same problem.  Nothing seems to fix it.

[w-1]

I also have the same problem and nothing seems to fix it, even overriding line B in the RMD Excess Accumulation Worksheet.

[DianeW777]

Thank you for your valued feedback. This situation has been resolved.  Please clear all of your browser history and then review your 1099-Rs and RMD questions. See the link below for assistance and please update here if you need to.

• We've got you covered!

@w-1 

@roseng101 

@J_W_Bishop 

@DaveGrant 

[DaWeav]

Me too, and my TurboTax installation just updated today when I opened it, so they have not resolved the issue yet.

I have $xxxx.35 as the RMD amount, but the program 'ROUNDS' it on the RMD Excess Accumulation Worksheet on both the A and B rows have the exact same rounded number like you do, but I cannot continue pasted the Smart Check since the app is advising that I need to correct their rounded number in the RMD amount.

If they do not fix it, does that mean I wasted money purchasing TurboTax since it won't let me continue on to file my taxes using it?

[J_W_Bishop]

The 1099 R entry error RMD reporting has certainly NOT been resolved for the Mac TurboTax Premier software updated on my devices today (1 February 2025).  In fact, it behaves exactly as described earlier in my posts and those of other users.  For your review, attached here is a screenshot of this latest updated version of the software.  The update completed successfully, had no new forms, and still exhibits the rounding and presentation error(s) in the RMD Excess Accumulation Worksheet that is part of 2024 Form 1099-R "Distributions from Pensions, IRAs, etc"

Your instructions to clear our browser history were unusual for our situation(s) - using the downloaded Intuit TurboTax desktop applications - perhaps beneficial for your online customers.  We'd appreciate a re-examination of the issue, so we can complete our tax prep without these errors.

[VolvoGirl]

@DianeW777   I think the only thing they fixed for RMD so far is the Continue button not working right.   You had to keep clicking Continue the number of times for the number of 1099R forms you entered.

[AnnLL]

It is not corrected on TurboTax for Windows. Experiencing the same rounding error concerning RMD reporting as others noted here and just did another update (2/1/25, 2:00 pm PST).

[jhobson]

If you leave the change off and just enter it in whole dollar it will go through.