RMD Question Confusion

Forum|Forum|1 year ago
January 27, 2025
2 replies
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For my 2024 RMD requirement, I took two distributions from two separate accounts. The total of the two disbursements meets my 2024 RMD requirement. However when I enter each 1099-R information into TurboTax I indicate that each separate transaction does not meet the total amount due. This causes a window to come up asking if I met my obligation during the "correction window". As I understand it, the correction window does not apply. If I check yes, the tax amount increases by a significant amount. If I check no, the tax amount is huge. I do not understand how this handled in TurboTax. How do I indicate that I met the RMD total requirement and that the correction window does not apply and therefore no penalties are to be assessed? Help!!!

Best answer by VolvoGirl

Box 7 on the 1099-R for the Roth Conversion = 7 (Total Distribution is also checked)

The 1099-R for my RMD = 7

The one for the QCD = 7

Your comment "It should not ask your for the RMD for the conversion". It does ask and it's a required entry. I cannot enter No. Must be a number. I entered 0. the tax due did not change.

Sound OK?

I opened my test return.

One of the first questions ask Was this withdrawal an RMD for 2024? Say No.

Then What did you do with the the Money? Say you moved the money to another retirement account.

Then check the box....did a combination of rolling over, converting or cashing out the money.

Then another box opens up...Amount converted to a Roth account.

Then it's done and doesn't ask about RMD.

I can make you a screen shot.

VolvoGirl

Employee

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.

Romper

Thanks Volvo Girl for clarifying a confusing subject:

Do I understand correctly? (TurboTax Premier Desktop)

I took three distributions from my Traditional IRA's during 2024. A normal RMD, a QCD, and a Roth conversion. This resulted in three 1099-R's.

Would entering the amount in Box 1 apply to each of these as well?

Thanks in advance.

RobertB4444

Yes, since if there was an RMD for each one the distribution met the requirement.

@Romper

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ThomasM125

When you enter each Form 1099-R, indicate that it meets the Required Minimum Distribution (RMD). If your RMD was met overall, then the amount you took from either one was the required amount for it individually.

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