I have two Traditional IRA accounts at two different banks. Suppose my RMD for 2018 is $100 for IRA #1, and $500 for IRA #2. Does IRS allow below two ways of taking RMD?
1) Take the full RMD of $600 from IRA #1.
2) Take RMD of $300 from IRA #1, and take RMD of another $300 from IRA #2.
Thank you for your attention.
Yes, you can do either of those two choices, or any other combination, as long as the total amount that you withdraw is at least equal to the total of the RMDs for all your traditional IRA accounts. In effect, it is treated as though all your traditional IRAs are one combined account.
If you have an IRA that you inherited from anyone other than your spouse, or an IRA you inherited from your spouse and did not elect to treat as your own, you cannot combine the inherited IRA with other accounts for purposes of taking the RMD. You have to take the RMD separately from the inherited IRA.
Yes, you can do either of those two choices, or any other combination, as long as the total amount that you withdraw is at least equal to the total of the RMDs for all your traditional IRA accounts. In effect, it is treated as though all your traditional IRAs are one combined account.
If you have an IRA that you inherited from anyone other than your spouse, or an IRA you inherited from your spouse and did not elect to treat as your own, you cannot combine the inherited IRA with other accounts for purposes of taking the RMD. You have to take the RMD separately from the inherited IRA.