RMD

Forum|Forum|1 year ago
February 22, 2025
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An IRA from a former employer pays out a set amount each year. There is no RMD square on their statement. We do not have an obvious means of retrieval of an RMD. All but a few dollars of the distribution is taxable. I cannot get past the pages that want to know about the non-existent box on the form and about the amount. How do I get out of this? (I have been using TurboTax software for many years, and we have been collecting RMD's for the last half dozen without an issue.

DavidD66

If you have entered any RMD information, you need to clear that 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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