RMD withdrawal generating form 5329 by mistake

Forum|Forum|1 year ago
February 9, 2025
2 replies
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I received 4 different 1099-R forms to cover my total RMD for the year. I withdrew more than required on some accounts and less than required on others. The total amount withdrawn covered the RMD owed. Turbo Tax only listed amounts for 2 of the accounts on form 5329. When entering the data on the 4 1099-R I was careful to enter the RMD amount for that individual account only, and specify that all the funds withdrawn were going towards RMD. I tried to manually enter the missing info on form 5329 (lines 52 & 53) but that didn't fix the problem. Any suggestions?

JohnB5677

You should combine the RMD for multiple accounts that have RMD's associated with them

This include any that you may not have gotten a 1099-R for.
When you are asked "Let's get more information about your Required Minimum Distribution (RMD)."
Record the TOTAL RMD required for all accounts.
On accounts with excess contributions be sure to account for those with less.

As you go through the interview

You will then get a follow-up question
Just a few more details about your RMD
Answer
Yes, I took out the entire remaining amount during the correction window

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VolvoGirl

Employee

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 single 1099R for the RMD, not the total RMD for all. Even if they would add up to more or less. And maybe try leaving the cents off both the 1099R and the RMD questions.

See Expert MinhT1 answer here,
https://ttlc.intuit.com/community/retirement/discussion/re-rmd/01/3470594#M232373