Skip to main content
March 27, 2025
Question

My 2024 Turbotax has $240,625 in two 1099-R (IRA distributions) and has an RMD of $236,438 BUT IT'S SAYING I'M SHORT $232,251 WITH A PENALTY OF $23,225. What to do?

  • March 27, 2025
  • 1 reply
  • 0 views
No text available

1 reply

SteamTrain
Employee
March 27, 2025

@ermartin 

Did you figure it out yet??

_______________

The difference between the gross and your RMD ($ 4187)  is exactly the same as the difference between your RMD and the amount is says you are short.

 

....without seeing exactly what you've entered, It almost sound like you did not indicate that your RMD amount(s) totaled $236,438 during the entry or editing those 1099-R forms to indicate what the RMD amounts were.

_________________________

Edit each IRA 1099-R you have and make sure you answer the follow-up questions about the right RMD amount...and later, that you DID take all your RMDs during 2024.

_________________

...OR....#1)  Delete each IRA 1099-R and re-enter them manually, (DO NOT take a picture or upload a PDF)

 

....OR...#2)  Call Customer Support to see if they can guide you as to the proper answers in the follow-up questions:

How do I contact TurboTax?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
fanfare
Employee
March 27, 2025

Due to TurboTax issues,

 

To avoid penalty, for each 1099-R, tell TurboTax that the distributed amount is the calculated required amount.

 

@ermartin 

SteamTrain
Employee
March 27, 2025

Yeah...doing that works in most cases, as long as you just transferred the $$ into some kind of regular taxable account, like a bank or regular brokerage (or took some as cash and spent it....or donated some).

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*