Question

RMD

Forum|Forum|1 year ago
April 6, 2025
1 reply
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I entered the RMD as provided by Schwab. My gross withdrawals from my IRA were greater than the RMD. The Tubo-Tax added a penalty tax owed for not equally reaching the RMD. I added a request for a waiver of the penalty but still do not understand why there was a penalty.

M

MinhT1

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on your form 1099-R for RMD withdrawal, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

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