Question

I am using Turbotax Home and Busness 2021 on a Mac. Turbotax incorrectly added $30K to my income stating that I had Excess Retirement Accumulations (not true).

Forum|Forum|4 years ago
April 18, 2022
1 reply
0 views

I made no retirement contributions to ANY account in 2021, so how can I have $30K in excess accumulations?

TurboTax Online

S

SweetieJean

Employee

The excess accumulation penalty is levied by the IRS when a retirement account owner or a beneficiary fails to withdraw the minimum amount.
The minimum amount required is known as the required minimum distribution (RMD).
An excess accumulation penalty of 50% excise tax for that year may be charged by the IRS.

How old were you on 12/31/2021?

Critter-3

Are you married ? Did both of you have contributions to a retirement plan at work (W-2 box 12) ? If so did you accidentally enter both W-2 forms under the same person ?

A

aubutndanAuthor

No. Married and file joint return. My wife is retired, and I am semi-retired. Neither of us made ANY contributions to a retirement plan anywhere. We took a distribution, and Turbotax added a 30K to in "Excess Retirement Accumulation" to my return. This has to be an error.....