RMD mismatch

Forum|Forum|1 year ago
February 16, 2025
1 reply
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I made mistakes entering my 1099-R forms and TT calculated my RMD as much higher than it is. I've gone back and edited all the 1099-R entries but still showing RMD higher. I need to know how to correct the information.

DavidD66

Because you have already answered the questions that TurboTax asks you about your RMDs, you need to delete them. 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 Forms 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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Paul4434

Thank you. I transferred $$ from my Solo 401k to an IRA and took an RMD. I tried to mark both actions on 1 1099r. After I fixed that maybe TT software got confused? Also, I had an RMD from the IRA which seemed fine. TT says that my tax is $1889 for the $7594 RMD. To confirm, you want me to delete all 3 1099s and re-enter them?

DanaB27

The RMD section has been updated please go back to your 1099-R entry and review the follow-up questions. At the end of the interview you should be able to select that you took all of your RMD:

Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Review your entries and continue through the questions
On the "Review your 1099-R info" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD" if you took all of your RMD for 2024.

What is the code on Form 1099-R for the rollover? If it is G and was rolled over to a traditional IRA then you should see these follow-up questions:

On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "No"

@Paul4434

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