Today's Update Messed Up Every 1099-R

Encountering the same issue for 1099-R forms

Proseries we need this fixed like FOUR DAYS AGO! Come onnnnnnnn!!!!!! 

@dascpa  Does PS24 require the RMD information on only the taxpayers that turned age 73 and older during 2024?  Or, are you experiencing this requirement in PS24 on all 2024 Form 1099-R recipients regardless of the taxpayer's age?

I'm not seeing this PS24 Form 1099R required RMD info on taxpayers below age 73?  Are you?

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The age at which you must start taking RMDs increased to 73 in 2022. 

If you reach age 73 in 2024, you must take your first RMD by April 1, 2025, and the second RMD by Dec. 31, 2025. 

• The first RMD is based on the account balance on December 31 of the previous year. 
• The second RMD is based on the account balance on December 31 of the current year. 

IRS has waved RMD requirements from inherited IRAs for 2024.  Most nonspouse beneficiaries who inherit a traditional IRA after 2019 must deplete the account-and pay the taxes on those funds-within 10 years.  For inherited IRAs, as of July 19, 2024, regulations specify that if the account holder was taking required minimum distributions (RMDs) at the time of their death, the beneficiary must continue to take annual RMDs based on the deceased's schedule until the end of the 10-year period. 

I had this issue as an individual filer too. RMD is meaningless in the context of my employer pension but I had to answer the questions about required (0) and amount taken (pension) and how much of that was for RMD (0). Since I moved states, I had two pension 1099s I had to do this on. To make things worse, my RMD on my actual 401K was not whole dollars. There were cents. I entered the correct amount in both the required and actual fields and TT accepted it and let me e-file federal. This was Jan 16. My state wasn't ready until Feb 11, by which time TT told me there was a problem on my federal and therefore I couldn't e-file the state. I had to print and mail it. The problem it reported was that the required and actual RMDs didn't match. It seems TT truncated or rounded the cents in one of the required/actual fields, but not in both. It was crazy. I'd already received my IRS refund. By now, I've received my state refunds also, based on printed forms. But I expected better from TT. They've done well for me for years but this was really annoying.

Hi all, the RMD input is scheduled to be addressed in the 2/27 update. See 1099-R RMD error update on 2/27. 

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