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DaveCrook
Level 2

IRSs and RMD requirements

When you have multiple IRA accounts and you are required to file RMD, and you desire to take all RDM from one account how is this shown on tax forms?

2 Replies
ColeenD3
Expert Alumni

IRSs and RMD requirements

You would see your IRA distribution on Line 4 Form 1040.

 

Please see this LINK for greater detail.

dmertz
Level 15

IRSs and RMD requirements

There is no identification required (and no way provided to do so) on your tax return that the distributions came from any particular IRA account.  The IRS only cares that the IRA distributions reported total the total IRA RMDs required to be distributed.  A tax return only shows the distribution total on Form 1040 line 4b if all is taxable or on line 4a if part of the IRA distributions is nontaxable.

 

Since RMDs were waived for 2020, no distribution was required for 2020 and no IRA distribution made in 2020 was an RMD.  In years for which RMDs are required, it's your responsibility to tell TurboTax that you failed to take the total RMD by the deadline for doing so so that TurboTax can prepare and include Form 5929 Part IX in your tax return, informing the IRS of that fact.

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