It sounds like you're seeing a tax on excess accumulations in your retirement account, even though you've taken all your Required Minimum Distributions (RMDs). Here are a few reasons why this might be happening: Excess Contributions: If you contributed more than the allowed limit in a prior year, the excess amount is subject to a 6% excise tax each year it remains in the account. Multiple 1099-R Forms: If you received more than one 1099-R form, TurboTax might think you didn't take the full RMD if the amounts weren't entered correctly. Make sure each 1099-R is entered separately and that the RMD amounts are correctly reported for each form. Here's a helpful article.

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dcthou

Question

Why is there a tax on excess accumulations in retirement account shown in IRA contributions results when I have taken all my RMD amounts.

Forum|Forum|1 year ago
February 19, 2025
2 replies
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SabrinaD2

It sounds like you're seeing a tax on excess accumulations in your retirement account, even though you've taken all your Required Minimum Distributions (RMDs). Here are a few reasons why this might be happening:

Excess Contributions: If you contributed more than the allowed limit in a prior year, the excess amount is subject to a 6% excise tax each year it remains in the account.
Multiple 1099-R Forms: If you received more than one 1099-R form, TurboTax might think you didn't take the full RMD if the amounts weren't entered correctly. Make sure each 1099-R is entered separately and that the RMD amounts are correctly reported for each form.
Here's a helpful article.

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.