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I took my RMD from 1of my 401k s to cover the RMD for all of the accounts this year Turbo Tax says I need to do each account seperatly. Is this true?

Is it true I should have taken seperate RMD's for each of my accounts?
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2 Replies
dmertz
Level 15

I took my RMD from 1of my 401k s to cover the RMD for all of the accounts this year Turbo Tax says I need to do each account seperatly. Is this true?

"I took my RMD from 1of my 401k s to cover the RMD for all of the account"

 

That's not permitted.  A distribution from the 401(k) can only satisfy the RMD required of the 401(k).  Any amount distributed beyond that is not an RMD and is not permitted be applied to satisfy the RMD of any other account.

 

The RMD for a traditional IRA can be aggregated with the RMDs of your other traditional IRAs and the RMD for a 403(b) can aggregated with the RMDs for your other 403(b)s, but other RMDs are not permitted to be aggregated.  A 401(k), a 403(b), a 457(b) and the federal TSP are not an IRAs.

MinhT1
Expert Alumni

I took my RMD from 1of my 401k s to cover the RMD for all of the accounts this year Turbo Tax says I need to do each account seperatly. Is this true?

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. 

 

But if you have several 401(k) or 457(b) plans, you have to take RMDs separately from each account.

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