Does Turbo Tax have a tool to compute Required Minimum Distribution for an IRA for taxpayers 70 1/2 or older? Does IRS website have such a tool?

[SweetieJean · Accepted solution]

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

[macuser_22]

The financial institution or IRA custodian should calculate the RMD for you.  Note that your RMD is based on the total value of *all* Traditional IRA accounts, but the RMD can be satisfied by taking a distribution from any IRA account.   Each IRA custodian would only calculate the RMD for the IRA account that they hold.

[dmertz]

TurboTax does not have the ability to compute RMDs.

[MJB9]

Does Turbo Tax have a tool to compute Required Minimum Distribution for an IRA for taxpayers 70 1/2 or older? Does IRS website have such a tool?

[fanfare]

consult the table in IRS Pub 590-B for your divisor based on your age.

Add up all your IRAs as of Dec 31 and divide.

Caution: IRS is updating the table, make sure you get the new table,

otherwise your RMD calculation will be off.

[VolvoGirl]

@MJB9 

Use this worksheet that was posted above

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf 

[JOPSLP]

Does  Turbo Tax have a tool to compute RMD?  If yes, What is the cost to use it?

[VolvoGirl]

No.  Use the IRS worksheet or ask the IRA plan.

[NCperson]

@JOPSLP - determining your RMD is rather simple

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf