Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thank you for using Just AnswerYou need to check to see if you missed the deadline for making the distribution. This would resiult in a penalty that would show on line 58.
For retirement owners who reach age 70 ½ during the year, the deadline for taking the RMD for that year is April 1 of the following year. For instance, if the individual reached age 70 ½ in 2011, the deadline for taking the 2011 RMD is April 1, 2012. All subsequent RMDs must be withdrawn by December 31 of the year to which the RMD applies.
i did not miss deline
Then you need to go back to where you entered the info about the RMD. Are you using TurboTax
yes i am using turbo tax deluxe.
I can check to see if they are having a problem with their system on this part. While I do that, you may want to go back and check your entries for dates. The 1099R would be the best palce to start
Make sure the code on the 1099R is correct
it is same code of last year and did not have problem have used turbo tax last 5 years with no problems.
Did you check the date for the distribution under the 1099R
If TurboTax carried over your info thne there could be an incorrect date listed for the distribution.
it did not carry from last year because i lost the data had to rekey it.
Then go back to the 1099R and make sure that the date shows for 2011 and before Dec
I did not find where TurboTax is experiencing any problems with the RMD except user entries
You could delete the 1099R and then re-enter it
shows yr 2011 on 1099r
i did delete 2 times same result
Browse for form 5329. Form 5329 is Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts. Delete the data in manually in section VIII, Additional Tax on Excess Accumulation in Qualified Retirement Plans (Including IRAs). Close forms view and go back to the interview. You should see the penalty removed
If the above does not work then you will ned to work with TurboTax directly as I am not affiliated with them and have no access to their systems