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jayburd2000
Returning Member

If I took an additional amount of cask out my 1099R RMD, would that additional cash amount just be added to that 1099R RMD or entered somewhere else in turbo tax?

Fees to pay managed IRA accounts are sometimes taken out of that IRA account, and is common practice. This does not show up on corresponding 1099R.  Only RMD's show up on 1099Rs, not managed account fees, so where do you enter extra pre taxed money in turbo tax?

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dmertz
Level 15

If I took an additional amount of cask out my 1099R RMD, would that additional cash amount just be added to that 1099R RMD or entered somewhere else in turbo tax?

Management fees taken from the IRA are not a distribution from the IRA and are not reported on Form 1099-R or on your tax return.  They simply reduce the balance in your IRA.

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3 Replies

If I took an additional amount of cask out my 1099R RMD, would that additional cash amount just be added to that 1099R RMD or entered somewhere else in turbo tax?

It is included in the RMD you are reporting from the Form 1099-R.
jayburd2000
Returning Member

If I took an additional amount of cask out my 1099R RMD, would that additional cash amount just be added to that 1099R RMD or entered somewhere else in turbo tax?

managed account fees were taken out of IRA, which do not appear on corresponding 1099R RMD. This is a common practice.  
dmertz
Level 15

If I took an additional amount of cask out my 1099R RMD, would that additional cash amount just be added to that 1099R RMD or entered somewhere else in turbo tax?

Management fees taken from the IRA are not a distribution from the IRA and are not reported on Form 1099-R or on your tax return.  They simply reduce the balance in your IRA.

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