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2 rmds paid fron one ira

I have two IRA'S and pay the RMD from one. Turbo doesn't allow me to add another line for the amount  to add up to the total of the RMD that I paid.  It only asks me what the RMD is for the one account.

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Accepted Solutions
MinhT1
Employee Tax Expert

2 rmds paid fron one ira

 

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on your form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account. No need to enter anything for the second IRA.

 

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

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2 Replies

2 rmds paid fron one ira

Do you only have one 1099R?  For the RMD question just enter the total amount from box 1 on that specific 1099R, not the amount for only that account.  

MinhT1
Employee Tax Expert

2 rmds paid fron one ira

 

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on your form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account. No need to enter anything for the second IRA.

 

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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