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johnvmcnamara12k
New Member

I need an RMD advisor: If I haVE two IRAs do I have to withdraw form each or can I make a larger withdrawal from one?

I withdrew 20% from one IRA and nothing from another.  The amount of the withdrawal exceeds the sum of the MDR from the IRAs taken separately.  How do I document this in Turbo Tax?

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Accepted Solutions
Fern
New Member

I need an RMD advisor: If I haVE two IRAs do I have to withdraw form each or can I make a larger withdrawal from one?

You can aggregate your IRA RMDs. The RMD is calculated for each account and then it can all be added together and come from any one or combination of IRA accounts.

However, you cannot take the RMD for one type of account and use it as compliance with RMD rules from a different type of account. You cannot take an employer plan RMD from an IRA or vice versa.

In Turbo Tax, for the IRA you took a distribution from, indicate that all or part of it was an RMD. Enter the amount of RMD as the total RMD for both IRAs.

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1 Reply
Fern
New Member

I need an RMD advisor: If I haVE two IRAs do I have to withdraw form each or can I make a larger withdrawal from one?

You can aggregate your IRA RMDs. The RMD is calculated for each account and then it can all be added together and come from any one or combination of IRA accounts.

However, you cannot take the RMD for one type of account and use it as compliance with RMD rules from a different type of account. You cannot take an employer plan RMD from an IRA or vice versa.

In Turbo Tax, for the IRA you took a distribution from, indicate that all or part of it was an RMD. Enter the amount of RMD as the total RMD for both IRAs.
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