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New Member
posted May 31, 2019 6:32:40 PM

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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Level 15
May 31, 2019 6:32:41 PM
9 Replies
Level 15
May 31, 2019 6:32:41 PM
Level 15
May 31, 2019 6:32:42 PM

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.

Level 15
May 31, 2019 6:32:44 PM

TurboTax does not have the ability to compute RMDs.

Returning Member
Feb 20, 2021 8:05:40 AM

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?

Level 15
Feb 20, 2021 6:48:52 PM

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.

Level 15
Feb 20, 2021 7:03:23 PM

@MJB9 

Use this worksheet that was posted above

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

 

New Member
Jul 30, 2022 7:53:54 PM

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

Level 15
Jul 30, 2022 8:12:55 PM

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

Level 15
Jul 31, 2022 4:43:30 AM

@JOPSLP - determining your RMD is rather simple

 

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