I'm using Turbo Tax Online.
I have 3 IRAs, 2 of which bear the total MRD for the 3 accounts.
Actually, the distribution from either of these 2 accounts covers the 3rd account's MRD "shortfall".
The sum of all distributions exceeds the total MRD and is in keeping with IRS regs.
All my 1099Rs have already been input to Turbo Tax. Do I have to delete them and start over & follow what DanaB27 outlined? I don't really understand what I'm supposed to do.
Are you saying that for either of the 2 accounts that exceed their MRDs, I should say all of the distribution was an RMD because either one covers the shortfall for the 3rd account? And then I input its actual MRD or its gross distribution amount in answer to the MRD amount?
Last night I tried the approach where I answered the questions the same as last year and then opted to go with the 10% penalty route which lead me to a form to complete under which I presented the numbers to the IRS which showed I did take the RMDS (and more) for the aggregate of the accounts. I'm assuming the IRS will agree.I thought, at least I can file my taxes. If DanaB27 can instruct me further using an example in how to handle my 3 IRA accounts, that would be great. Thank you.
