@Tami71 wrote:
B) End of year balances for each year,
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?
The RMD for each year is calculated on the year end value of the *previous* year.
#2) It is only necessary to make one distribution of the aggregate total of all missed RMD's (the 2020 RMD must still be taken). You will received a single 1099-R with the total.
#3) What do you mean? How did you pay any tax if you have not taken 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.**
