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January 16, 2025
Question

RMD Issue with Turbo Tax

  • January 16, 2025
  • 1 reply
  • 0 views

I have 2 IRA accounts that I withdrew from in 2024 for my RMD. I withdrew excess from one and not enough from the second but the total exceeds the required RMD. On TurboTax it tells me I have a penalty for not withdrawing sufficient funds from the one account and thus there is a penalty to pay. I thought as long as you withdrew the correct amount from multiple IRA accounts there is no penalty. How do I resolve this on TurboTax?

1 reply

VolvoGirl
Employee
January 16, 2025

Yes they changed it this year. The questions are confusing.  For the RMD question enter the same amount that is on that 1099R not the total RMD.  

 

See these two posts by dmertz. He has a handle on it.
https://ttlc.intuit.com/community/retirement/discussion/can-i-determine-why-turbo-tax-thinks-i-did-not-take-out-my-rmd/00/3418760