I'm so grateful for this community! I had to do further searching to verify my information and have completed 5329s for each year that needs to be addressed.
I found:
A) A full life expectancy table,
B) End of year balances for each year,
C) My tax rate for each of those years, and
D) My new calculated tax owed on the amount of distribution required for each year.
At this point, I have a few questions:
1) Rather than calculate the amount as I have above, how would the custodian's numbers differ? At a minimum, I think confirming my calculations would be prudent, but I'm curious about this point.
2) It's my understanding that at this time, I need to complete RMDs for each year. Should the process be to make separate RMDs? I ask this because I assume these RMDs will be posted in aggregate in a 1099-R they will issue for 2020.
3) Am I correct that the 2020 1099-R will post all these RMDs? If this is true, haven't I already paid the tax on this money with the effort I'm currently working on? How do I avoid paying a tax twice on these RMDs?
Thank you so much for this help, everyone.
