Hi. This is my second year of dealing with RMD issues. I have identified four(4) income sources (1099-R's from IRA's and one fixed annuity) for RMD liability and know the amount of RMD liability from each of them (known RMD totaling ~$60,500). My question is what IF I DID NOT identify ALL the RMD liability sources for this tax year and cannot calculate my actual TOTAL RMD liability because, e.g. I had to call one of the known income sources to get the RMD info? What if there are others unknown to me at this time?
A possible counter to this potential, in my opinion, is to apply ONE of the known income sources (~$85,000) that exceeds the known RMD liability to ALL the total RMD I am liable for, known and unknown. This single income source shows an calculated RMD of $43,408 by itself. I am able, via TurboTax, to apply ALL of the ~$85,000 toward all known RMD liablities of ~$60,500. This would exceed the known RMD liability by ~$24,500. What happens to these potentially excess funds? I am hoping, nothing... as long as enough was designated to cover RMD liabilities. There is no way that any other unknown RMD liabilities could exceed this $24,500 buffer. I would, of course, tell TurboTax to apply NONE of the calculated RMD from the other 3 income sources via TurboTax toward the total RMD liability. Is this a reasonable means to deal with multiple sourced known and unknown RMD liabilities? RDH
