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Question

Tax on excess accumulations in retirement account? There are no excess accumulations. All RMDs were taken on a timely basis.

Forum|Forum|1 year ago
January 10, 2025
1 reply
0 views

Fourth quarter payment of IRS out of RMD payment? Turbo tax says there is a tax penalty for underpayment of estimated taxes. This is incorrect.

Employee

If you satisfied all RMDs correctly and timely, when entering the Forms 1099-R make sure to enter as the required amount, when asked, no more than the gross-distribution amount of the particular Form 1099-R that you are entering. This will prevent TurboTax from inappropriately preparing Form 5329 Part IX.