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S
sedkat
January 29, 2025
Question

My 2024 RMD is $19,861.27 and I have withdrawn $22,500. However Turbo tax says I owe a tax. How do I correct this?

  • January 29, 2025
  • 1 reply
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    1 reply

    M
    MinhT1
    January 29, 2025

    If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA. 

     

    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.

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