How do I report in Turbo Tax that I took RMDs from one retirement account to cover all retirement accounts?

[jeanjared3]

I have 3 retirement accounts and must take RMDs. One is an annuity. I took extra distributions from my traditional IRA to cover the RMD for the annuity.  I've read the IRS pub on IRAs. I think it says I can do that.  But because I took no distributions, I have no 1099-R for the annuity. How do I show in TT that I have met my tax obligation for all retirement accounts including the annuity?

[dmertz]

Your tax return does not report anything that specifically associates your distributions with RMDs.  There is no need to indicate that any particular IRA's RMD was satisfied from any particular source.  Your tax return simply shows on Form 1040 line 15a (or 15b if the entire amount is taxable) or Form 1040A line 16a (or 16b if the entire amount is taxable) the total of your distributions.

I assume that you annuity is an IRA deferred annuity.  Yes, provided that your IRA annuity had a 2015 year-end balance (was not annuitized) you can aggregate the RMDs separately calculated for each of your traditional IRAs, including the IRA annuity, and take distributions from the IRAs in any combination to satisfy the aggregate IRA RMD.

[Reba4]

If no form is issued to denote which account RMD's  come from, why does Turbotax ask the question? 

[fanfare]

if you didn't satisfy the RMD you owe a penalty tax.

We're all on the honor system here.

BUT IRS can verify by crosschecking your 5498 forms.

[sravsten]

Where do I enter in TurboTax the RMD taken from one IRA to cover RMD requirement on another IRA?

[macuser_22]

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@sravsten wrote:

Where do I enter in TurboTax the RMD taken from one IRA to cover RMD requirement on another IRA?

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Actually nothing about a RMD goes on a tax return at all.  TurboTax asks the RMD question because there can be a penalty for failing to take the RMD.    If you took the RMD then say yes to the question.

For tax purposes you only have one Traditional IRA and it makes no difference what account or accounts you take the RMD from.    You simply enter the 1099-R for the distribution.    TurboTax will ask for each 1099-R if it was a RMD and will ask again after all 1099-R's have been entered if you took the RMD for the year, just answer yes.

[fanfare]

For 2020 the requirement for an RMD was waived. You would therefor always select "not required to take an RMD for 2020" 

[macuser_22]

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@fanfare wrote:

For 2020 the requirement for an RMD was waived. You would therefor always select "not required to take an RMD for 2020" 

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Good point.  I should have asked the poster if the question was for a 2020 RMD or just RMD's in general which is what I assumed -  perhaps incorrectly.