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burrowsx
New Member

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?

 
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Accepted Solutions
SweetieJean
Level 15

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?

6 Replies
SweetieJean
Level 15

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?

macuser_22
Level 15

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?

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.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
dmertz
Level 15

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?

TurboTax does not have the ability to compute RMDs.
MJB9
Returning Member

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?

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
Level 15

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?

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
Level 15

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?

@MJB9 

Use this worksheet that was posted above

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

 

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