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February 24, 2025
Question

How/Where do I enter data to show I fully paid my RMD for 2024 (overall but not for each IRA account), when Form 5923 calculates a penalty.?

  • February 24, 2025
  • 1 reply
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This question is similar to mine but has not yet been answered (just posted today!). "Turbotax is calculating a penalty for an amount of non-distributed RMD in 2024, when it shouldn't be".   thanks

 

    1 reply

    February 25, 2025

    You need to clear the RMD information you have already entered in TurboTax.  To do so, you will have to delete your Forms 1099-R.  After you delete the forms re-enter them.  When you are asked "How much of the [distribution amount] was an RMD?"  Mark the button to indicate that "The entire distribution was an RMD".   On the screen with "Let's get more information about your Required Minimum Distribution (RMD)."  the program asks "Could you tell us what the required minimum distribution for your account was in 2024?" Enter the same amount that was in box 1 of your 1099-R.  Do this for each of your Form 1099-R.  

     

    After you have entered all your Forms 1099-R, on the screen with ""Let's check if you met the minimum distribution requirement" the program will ask "Did you take the required minimum distribution (RMD) for 2024 for ALL of your retirement accounts that have this requirement?".  Answer Yes, assuming that you have met your combined RMD requirements. 

     

    The RMD information that shows may be more than your actual combined RMD amount for the year.  That's OK.  The information is not included with your tax return and is not reported to the IRS.  

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