401k- form 1099-r RMD excess accumulation worksheet smart check

Forum|Forum|1 year ago
January 24, 2025
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I am getting an error when i run smart check on federal income taxes. It keeps coming back to a form 1099-r The box that says RMD Excess Accumulation worksheet. I took out more than the required RMD from one of my 401ks however it keeps coming back to this as an error telling me i didn't.

On line A Required Rmd amount i entered $15,528

On line B Amount distributed in 2024 is $15,528

I took out more than the 15,528. I am confused. Is this a bug?

in the software

Best answer by SteamTrain

Someone else explained this Software error in detail yesterday.

It had to do with TTX rounding one number, but not the other, so that certain values "appear" to be short.

In the meantime, I think the solution (for now) is that when you enter what the required RMD amount is supposed to be, don't put in the cents. (probably truncate the cents would be safest)....and then it's OK to later enter what you actually received, including cents if you want, or perhaps round up.

Mostly that calculation is supposed to be used for determining what amount can be rolled over if you take more than the RMD, but if you did no rollover...this fix should work out OK.

I think...but could be wrong

MAK70

For each 1099-R you have to designate an RMD amount, so the entry for Line A should not be more than the total on the 1099-R. Box B cannot be more than the taxable amount for that 1099-R.

Make sure that the amounts you are entering apply only to the 1099-R it is showing.

SteamTrainAnswer

Employee

Someone else explained this Software error in detail yesterday.

It had to do with TTX rounding one number, but not the other, so that certain values "appear" to be short.

Mostly that calculation is supposed to be used for determining what amount can be rolled over if you take more than the RMD, but if you did no rollover...this fix should work out OK.

I think...but could be wrong

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

jimnet

I fixed the error by rounding up--no showing any cents on the reported 1099R and matching the form. The software believes the numbers don't match when there are cents shown for one number.