IRA RMD

Forum|Forum|6 years ago
March 5, 2020
2 replies
4 views

This is my first year to report an RMD. My financial advisor provided me the 2019 RMD from 4 different IRA accounts and the total 2019 distributions taken from the 4 IRA accounts. The total withdrawn from the 4 accounts is way more than the RMD. I'm not sure how to answer the TurboTax question on "how much received on a specific IRA account applies to the RMD". Should I say all of it or should I take the total 2019 RMD for all 4 accounts and enter them on one of the 4 accounts? I know that the RMD doesn't have to apply to a specific account - only the total RMD has to be taken from any combination of your IRAs.

An associated question - last year in my 2018 tax forms my financial advisor provided forms 5498 that gave me RMDs for the 2019 tax year - they are close but do not match exactly the total RMD that was reported to me by the financial advisor on my 2019 account summary (not an IRS statement) - they are off by a few dollars. Which should I believe or will the IRS believe was my real RMD for 2019? Or should I round up and give a ball park number above the RMD to insure that I don't get any sort of penalty. I did check the TurboTax box that says my RMD was satisfied, but I don't know what the IRS looks at to make sure that is the case. Just trying to be cautious and get it right.

Al Donn

Best answer by MinhT1

If you are certain that your total distributions from your IRAs are more than your total RMD, you can choose one distribution to be the RMD and answer in TurboTax that your RMD requirement is satisfied.

The 5498 you received in 2018 is for information only. So it does not matter that the projected RMDs were a few dollars off.

MinhT1Answer

Level 15

The 5498 you received in 2018 is for information only. So it does not matter that the projected RMDs were a few dollars off.

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adonnAuthor

Level 2

Excellent! Thank you so much for the concise and quick reply! Al

inspectorhemo

Level 2

Where do I enter the information for a RMD on my tax form. Total amount of RMD, amount of federal and state withholding and total mount distributed?

GiseleD

Level 14

Was this reported to you on a 1099-R? If so, here's how to enter it:

Open (continue) return if you don't already have it open.
Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
Answer Yes on the Your 1099-R screen, then select Continue.
- If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
Select how you want to enter your 1099-R (type it in yourself) and then follow the instructions. You can add up to 20 1099-Rs.

@inspectorhemo

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mcginnis1

Level 2

Had to take more money out of IRA in 2020 to meet RMD distribution requirement for 2019. This makes the 1099-R incorrect. How do I report this extra distribution? Thank you