Retirement tax questions
Yes, you can take your RMD for all IRAs from just one IRA. Please see Can an account owner just take a RMD from one account for additional information.
Please follow these instructions for TurboTax Desktop:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- On the "Required Minimum Distribution" screen enter RMD for this account
- On the "How much of This Distribution Applied to your December 31, 2024 RMD" select "Some of this distribution…" and enter the RMD amount that was applied towards the RMD (from all IRAs)
- After entering all Form 1099-Rs click "Continue"
- On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
- On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).
In TurboTax Online:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- Continue until "How much of the $XXXXX was a RMD?" screen and select "Only part of this distribution was a RMD" and enter the amount of RMD (from all IRAs)
- Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
- After entering all Form 1099-Rs click "Continue"
- On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
- On the "Total RMD for all other IRAs" screen enter the RMD from your other IRAs (where you didn't take a distribution from).
You won't have a entry on Form 5329 since you met all your RMDs but you can see it on the TurboTax worksheet. Look for the Smart Worksheets From 2024 Federal Tax Return and then scroll down to "Form 5329: Additional Tax on Retirement Distributions (Taxpayer) -- Smart Worksheet".
Example of $8,000 RMD distribution from an IRA with $3,000 RMD and another IRA with $5,000 RMD (nothing withdrawn from this account):
