RMD Reporting

Forum|Forum|1 year ago
January 28, 2025
2 replies
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Using Deluxe, TurboTax asks if the entire amount was a RMD. Even after checking YES, the next page shows a prompt with a vague question “What was the required minimum distribution for (name) account for 2024?” Followed by an entry box with the prompt “Required Minimum Distribution Amount”

The question implies the total RMD for ALL accounts. In my case what I took for the 1099R at issue is only a fraction of my total RMD. If I enter that total, the tax calculations are incorrect. If I enter the total RMD on the remainder of my 1099Rs, things are really wrong.

If on the prior page if I say that the total withdrawal was an RMD, I don’t believe I should be seeing this subsequent page.

rjs

Employee

TurboTax is working on clarifying the RMD questions. There might be an update later this week. Go back through the questions next week and see if there has been any improvement.

Lawrence-StepheyAuthor

Thanks, I will.

Lawrence-StepheyAuthor

Just downloaded the latest release and it is STILL an issue.

I checked the 2023 edition, and it appears NOT to be an issue there.

lnovotney

I am having the same issue. I have an RMD that I want to report on two different IRA distributions. An 80/20 split. When I type in the information, the program asks for the 2024 total RMD for both distribution inputs. when I look at the results, my RMD is now twice the value. What am I doing wrong

Lawrence-StepheyAuthor

I don't think YOU are doing anything wrong. I think it is a software bug. If you check on the prior screen that the 1099R amount is ALL RMD, then you shouldn't see the second screen asking for the amount of the withdrawal that is RMD. If the amount of the withdrawal is more than the RMD, then the questions make sense. I verified that the 2023 version of TT in fact does it that way and the second screen does not show.

Until the software fix arrives, the work around is to place the full amount of the 1099R withdrawal in the amount box on the second screen, and NOT the full RMD that you are pulling from all your IRA accounts. Leaving it blank does not work as the software expects that field to be populated.

I have yet to do a final check as I have more 1099s coming, so I don't know if my work around will pass the final check.

VolvoGirl

Employee

Yes. Turbo Tax changed this year. When it asks about the RMD it is only asking for that one 1099R. You need to enter the amount in box 1 on that 1099R for the RMD, not the total RMD for all.