RMD Excess Accumulation Worksheet

Forum|Forum|1 year ago
January 31, 2025
1 reply
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In Form view - "A" asks for Required RMD Amount which I can enter and change. However, "B" asks for Amount distributed in 2024. That number is the same as "A" and cannot be changed. The issue is I took out MORE than the RMD amount since I had other IRA's that distributed less than required. All total I took out far more than I was required yet I am showing a penalty of $258 due to a lesser distribution - which is wrong!!

DanaB27

Please go back to the interview and follow these steps to edit/review the RMD entry:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
On the "Your 1099-R Entries" screen click "Edit"
Continue until "How much of the $XXXXX was a RMD?" screen, select "The entire distribution was an RMD" (or select "Only part of this distribution was a RMD" and enter the amount of RMD) and click "Continue".
On the "Let's get more information about your Required Minimum Distribution (RMD)" screen enter the amount of the RMD from this distribution again.
On the "Let's check if you met the minimum distribution requirement" screen answer if you took all necessary RMD

For example, if you took $10,000 from one IRA account to satisfy all of your RMD from different IRA accounts then you select "The entire distribution was an RMD" and then on the next screen enter $10,000. Ignore the fact that the actual RMD for that specific account was less. For the 2nd account where you took less than the RMD you then you select "The entire distribution was an RMD" and then on the next screen enter the distribution amount.

Please note if you didn't take all of your RMD then you will have to check back since we are still making updates.

Please see Why am I getting an RMD distribution amount error?

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