@kcampbell13 wrote:
I have multiple inherited IRAs in different banks. I received my RMD from inherited IRA bank A and bank A withheld taxes. Not realizing I already received an RMD, I withdrew a second RMD from Bank B, from 2 separate inherited IRAs, no tax withheld. Bank B 1099 states the RMD amount taken. Since I received more than the RMD for 2019, do I need to claim the full amount of Bank B inherited IRAs ?
Each bank should calculate the RMD amount bases on the value of the IRA that they hold. You are required to take the total RMD amount of each IRA account, however, if inherited form the same owner, the total can be taken from either (or both) accounts. Some banks will not give a choice and automatically send you the RMD amount each year according to any standing instructions.
Any distribution taken whether in excess of the RMD or not must be reported and is taxable. Nothing prevents you form taking more than the RMD.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
