I have 2 IRA accounts. I took most of my required distribution from one account and increased the amount of taxes taken out to cover the withdraw from the other account. When I fill out my TT 1040, the question about the value of the RMD for this account (see the attached picture #1). Do I put the value of what the RMD would be for that account even though I took out the correct total for my RMD from both IRAs or the $152 that I took out from that account?
EXAMPLE:
1. IRA # 1 RMD Req't = $5,000
2. IRA #2 RMD Req't = $2,875
3. IRA # 1 withdraw = $8,000
4. IRA #2 withdraw = $152
TOTAL RMD withdraw for 2024 = $8,027 BUT I took out a total of $8,152 which is more that the require minimum distribution.
In TT, I put in a withdraw of $8,000 for IRA #1 but I am confused about what value I would put in for IRA #2? I took out enough taxes from IRA #1 RMD withdraw to cover the totals of both IRAs. I answered the question as shown in picture #2.
I'd appreciate a good answer since it is a significant change in my tax bill between the 2 scenarios.
Thank you,
George
