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February 6, 2025
Question

RMD 2024 amount is incorrect, it doubled up how can this error be corrected?

  • February 6, 2025
  • 1 reply
  • 0 views
Turbo asked twice so RMD amount needs to be adjusted

    1 reply

    AmyC
    Employee
    February 11, 2025

    Return to the federal income section and edit the 1099-R answers.  You can take one withdrawal and cover all of your accounts. The IRS just wants to ensure you are taking the minimum out each year for all that you have.

    When you enter the 1099-R, the program asks if you took the full RMD required or less, meaning across all accounts that you have. 

     

    •  If you took your full  RMD from all accounts -Enter the 1099R value for amount taken. Enter a value less than or equal to the payment amount on the 1099-R on the RMD required screen.
    • If you did not take your full RMD, select no and enter the nontaxable amount.

    This is not part of your tax return, this is the program trying to determine if a penalty needs to be calculated.

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