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Level 1
posted Feb 8, 2023 6:16:59 PM

Is all of my distribution from ira was an rmd. I don't understand. I have sections 5, 7, and 11 and 12a showing; so which of these tells me?

Form 5498. OB No. 1545-0747. 2022,IRA Contribution Information. Box 11 is checked. RMD date is 12/31/23.

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4 Replies
Expert Alumni
Feb 8, 2023 6:37:44 PM

There are two ways they can inform you of the RMD.  Since it is not included for 12b, you will have to request it.  Look on the paperwork for a statement that informs the participant that a minimum distribution with respect to the IRA is required for the calendar year and the date by which such amount must be distributed. The trustee must include an offer to furnish you with a calculation of the amount of the RMD if requested.  See RMD Alternatives.

Level 15
Feb 8, 2023 6:41:42 PM

You get a 1099R for Distributions.  Nothing on the 1099R says if it is the RMD.  You have to take the IRA value on the prior year ending balance (so Dec 31, 2021) and use the worksheet to calculate the RMD.  Some plans will send you a letter at the beginning on the year to tell you how much to take out.  If you have more than 1 IRA you have to figure the RMD on each one but you can take the total out of any of them.

 

Use this page to determine the RMD (for either age 70 1/2 or 72)

IRA Required Minimum Distribution Worksheet | Internal Revenue Service

Level 15
Feb 9, 2023 10:17:35 AM

you need 1099-R to report your distribution.

do not try to do it from form 5498.

Level 15
Feb 9, 2023 10:19:18 AM

if you did no rollovers nor conversions

you can state to TurboTax that it is all RMD.

@nannerbananner2