Can you tell my why Turbo Tax adding an additional 10% tax/penalty on my RMD distribution amount?

Forum|Forum|1 year ago
January 30, 2025
2 replies
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Why is Turbo Tax adding a 10% tax to my RMD disturbution?

Best answer by VolvoGirl

Did you get more than 1 1099R? Tax on excess accumulations. That’s because Turbo Tax thinks you didn’t take the full RMD from all your accounts.

Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for all.

BillM223

May I assume that you are over 59 1/2? Or is this an inherited IRA?

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VolvoGirlAnswer

Employee

Did you get more than 1 1099R? Tax on excess accumulations. That’s because Turbo Tax thinks you didn’t take the full RMD from all your accounts.

Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for all.