Hello,
If your financial institution does not calculate the RMD for each account then you can complete this with the following steps.
- First you will take the final balance of prior Dec 31st and then divide it by a life expectancy factor that the IRS publishes in Tables in Publication 590-B. I will include the link to this publication and you will chose the table based on your situation.
https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs#:~:...).
Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. Notice 2023-23PDF permits financial institutions to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.
You will receive a 1099-R at year end and this will be entered into retirement section of tax return. Within TurboTax you will then be asked questions in regards to your RMD.
I hope it helps, please let us know if you have any additional questions.
Enjoy your day!!
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