How do I treat 2 RMD 1099Rs? What do I put in the box asking for the total RMD? Putting in the full amount for each RMD, TT says not enough RMD was taken.

Forum|Forum|1 year ago
March 3, 2025
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Seems that TT does not add up the 2 RMDs to show the RMD amount was met. It says there is a penalty for not meeting the RMD. EX only: 2 RMDs $50,000 each. What $ amt do I put in the box when it asks for the RMD? $50,000 each entry or $100,000. Either way, TT says there is a penalty for not meeting the RMD. Total baffled.

MinhT1

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

Please read this IRS FAQ for more information.

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