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March 3, 2025
Question

If you have taken a less amount on one RMD but have taken a greater amount from another RMDs; how do you adjust on the Interest forms?

  • March 3, 2025
  • 1 reply
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If you were required to take an RMD of 500 but took only 400 from one account (which might indicate a penalty) but took a larger RMD than required on another account; (how do you reconcile , in other words I exceed the total amount of RMDs required)

    1 reply

    March 4, 2025

    Please follow these steps in TurboTax Online:

     

    1. Login to your TurboTax Account 
    2. Click on "Search" on the top right and type “1099-R”
    3. Click on “Jump to 1099-R” and enter your 1099-R
    4. Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD /or select "The entire distribution was an RMD" (if this distribution includes RMD for other IRA accounts then you included the amount here)
    5. Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
    6. On the "Review your 1099-R info" screen click "Continue"
    7. 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 met all of your RMD for 2024, If you had one IRA where you didn't take the RMD but took the it from other IRAs then select "An IRA..."
    8. On the "Total RMD for all other IRAs" screen enter the RMD from your other IRA (where you didn't take a distribution from).

     

     

    In TurboTax Desktop:

     

    1. Click on "Search" on the top right and type “1099-R”
    2. Click on “Jump to 1099-R” and enter your 1099-R
    3. On the "Required Minimum Distribution" screen enter RMD for this account 
    4. On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount / or select "The entire distribution applied…"  (if this distribution includes RMD for other IRA accounts then you included the amount here)
    5. On the "Your 1099-R Entries" screen click "Continue"
    6. 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 met all of your RMD for 2024. If you had one IRA where you didn't take the RMD but took the it from other IRAs then select "An IRA..."
    7. On the "Total RMD for all other IRAs" screen enter the RMD from your other IRA (where you didn't take a distribution from).

     

    Please see Can an account owner just take a RMD from one account for additional information.

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