I entered RMD amounts but when Turbo Tax checked it the amount was doubled what I had input. How do I correct it?

Forum|Forum|1 year ago
February 11, 2025
1 reply
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The amount on "Let's check if you met the minimum distribution requirement" is double what I entered under income

DavidD66

You need to clear the RMD information you have already entered in TurboTax. To do so, you will have to delete your Forms 1099-R. After you delete the forms re-enter them. When you are asked "How much of the [distribution amount] was an RMD?" Mark the button to indicate that "The entire distribution was an RMD". On the screen with "Let's get more information about your Required Minimum Distribution (RMD)." the program asks "Could you tell us what the required minimum distribution for your account was in 2024?" Enter the same amount that was in box 1 of your 1099-R. Do this for each of your Form 1099-R.

After you have entered all your Forms 1099-R, on the screen with ""Let's check if you met the minimum distribution requirement" the program will ask "Did you take the required minimum distribution (RMD) for 2024 for ALL of your retirement accounts that have this requirement?". Answer Yes, assuming that you have met your combined RMD requirements.

The RMD information that shows may be more than your actual combined RMD amount for the year. That's OK. The information is not included with your tax return and is not reported to the IRS.

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Margaret84

I followed your instructions and reentered all my 1099-R data but got the same doubling of the RMD (which means a significant tax penalty against the doubled amount). Since I see the penalty amount on the 1040, this is not a case of the program telling me a greater amount but not reporting it to the IRS. A Form 5329-T is included in the forms I have. It shows the RMD amount as an extra RMD that was not distributed and therefore is taxable at a rate of 10%. I can enter an amount in 53a to cancel the error, but that is fudging it.

DanaB27

The RMD section has been updated please go back to your 1099-R entry and review the follow-up questions. At the end of the interview you should be able to select that you took all of your RMD:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Review your entries and continue through the questions
On the "Review your 1099-R info" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you took all of your RMD for 2024