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brushc182
March 12, 2025
Question

Annuity 1009R from an insurance company (annuity) being subject to RMD. how do i fix that?

  • March 12, 2025
  • 1 reply
  • 0 views
Turbo tax is calculating a tax on excess ammulation yet this account is not subjuect to MRD.

    1 reply

    M
    MAK70
    March 23, 2025

    You will want to delete the 1099-R entry and re-enter.  Indicate that it is a nonqualified plan.  If you are still prompted to enter an RMD, just indicate that it is all an RMD, then input the same amount as the RMD.  This information is NOT reported to the IRS, TurboTax uses it to determine if the penalty is due and it does not function correctly all the time.

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