TurboTax stated (even though we checked "yes, we took entire RMD) that we had an RMD of zero (inherited IRA). Greatly affecting taxes owed (from 626 to 34,171). Ideas?
TurboTax stated (even though we checked "yes, we took entire RMD) that we had an RMD of zero (inherited IRA). Greatly affecting taxes owed (from 626 to 34,171). Ideas?
Distributions from an inherited traditional IRA are generally taxable, so you are probably just seeing the effect of the increase in taxable income, not the application of any penalty.