dmertz
Level 15

Retirement tax questions

As JillS55 indicated, since the year-of-death RMD was satisfied, just say that you received all of the RMD, otherwise TurboTax will inappropriately prepare Form 5329 Part IX to calculate an excess-accumulation penalty.

 

Not sure why the financial institution required you to take any RMD before establishing the two inherited IRAs since there is no statutory or regulatory requirement to do so.  It's not uncommon for separate inherited IRAs for each beneficiary to be established first, then the beneficiaries among themselves decide the amount of the RMD each beneficiary will satisfy (and in the case where the decedent had multiple traditional IRAs at different IRA custodians, might decide to take the entire RMD from an inherited IRA at a different custodian by aggregation).