RMD amounts don't agree

Forum|Forum|1 year ago
January 21, 2025
4 replies
0 views

I entered the RMD amount from my broker. However I am assed a penaltyfor not taking the correct RMD amount. I filled out manually te 1099R for my broker. What is wrong??

JohnB5677

There are several conditions that can cause this.

When inputting your information, is there a (7) in box 7?
To the question Do any of these situations apply to you?
- Did you answer
- None of these apply
How much of the $X,XXX was an RMD?
- Did you answer
- The entire distribution was an RMD
Let's get more information about your Required Minimum Distribution (RMD).
- Required Minimum Distribution Amount
- Enter the same amount as on the 1099-R

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Bsch4477

Employee

When you reported your 1099-R you were asked how much of the amount reported was RMD. Make sure you answered with the same amount that you reported.

VolvoGirl

Employee

Is 1099R box 1 the same amount as the RMD from your broker? If it’s less you didn’t take out enough. The RMD should be the same as box 1. Are you entering the amount in box 1 for the RMD amount?

VolvoGirl

Employee

Oh how did you get the RMD amount from the broker? Did you get a letter or form 5498 saying how much to take? Maybe that’s the new amount you have to take for this year 2025?