Required RMD Amount to Report on 1099-R in TurboTax

Forum|Forum|1 year ago
February 23, 2025
1 reply
0 views

I have several Fidelity IRAs (two SMAs and one self-directed account) and two annuities. The distributions from my annuities greatly exceed the RMDs required from those annuities. I also made a number of QCDs from one of the Fidelity IRA accounts. I subtracted both the RMD excess distributions from my annuities and the QCDs from my required RMD and took the remaining RMD from one of the Fidelity IRAs. So now the question for TurboTax is how much to report as my "required" RMD on the 1099-R from the one Fidelity IRA where the remaining RMD was taken. Do I just report what Fidelity said I owed from that one account? Or do I add together the required RMDS from all of the Fidelity IRAs (I didn't get a 1099-R from the Fidelity IRAs where I made no withdrawals)? Do I subtract the overage from my annuities? Do I subtract the QCDs from the "required" amount? HELP!!!

Best answer by DanaB27

Please follow these instructions for TurboTax Desktop:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R that you used for QCD
On the "Required Minimum Distribution" screen enter RMD for this account
On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount that was applied towards the RMD
Answer the "Transfer to Charity Screen" and continue through the questions
On the "Review your 1099-R info" screen add your other Form 1099-Rs and answer the RMD questions as mentioned in steps 3 and 4.
After entering all Form 1099-Rs click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).

In TurboTax Online:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R for QCD
On the "Do any of these situations apply to you?" screen select "I transferred all or part of this money directly to charity"
Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD.
Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
Enter how much your transferred to charity and continue through the questions
On the "Review your 1099-R info" screen add your other Form 1099-Rs and answer the RMD questions as mentioned in steps 5 and 6.
After entering all Form 1099-Rs click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).

DanaB27Answer

Please follow these instructions for TurboTax Desktop:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R that you used for QCD
On the "Required Minimum Distribution" screen enter RMD for this account
On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount that was applied towards the RMD
Answer the "Transfer to Charity Screen" and continue through the questions
On the "Review your 1099-R info" screen add your other Form 1099-Rs and answer the RMD questions as mentioned in steps 3 and 4.
After entering all Form 1099-Rs click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).

In TurboTax Online:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R for QCD
On the "Do any of these situations apply to you?" screen select "I transferred all or part of this money directly to charity"
Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD.
Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
Enter how much your transferred to charity and continue through the questions
On the "Review your 1099-R info" screen add your other Form 1099-Rs and answer the RMD questions as mentioned in steps 5 and 6.
After entering all Form 1099-Rs click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

davidsilverman2-Author

That was very helpful, especially since I rarely use the Interview method for entering info. One follow-up question: I entered the RMDs required from the IRA accounts I did not withdraw from, as you suggested, but where does that info show up in the tax forms?

DanaB27

You won't have a entry on Form 5329 since you met all your RMDs but you can see it on the TurboTax worksheet. Look for the Smart Worksheets From 2024 Federal Tax Return and then scroll down to "Form 5329: Additional Tax on Retirement Distributions (Taxpayer) -- Smart Worksheet".

In TurboTax Online:

Select Tax Tools on the left and then Print Center
Select Print, save or preview this year's return
Select federal return and choose to print/view everything include all TurboTax worksheets.

In TurboTax Desktop: