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.
If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA. By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty.
Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.
However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.
Please read this IRS FAQ for more information.
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.
If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA. By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty.
Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.
However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.
Please read this IRS FAQ for more information.
To get around certain annoying issues with TurboTax 2024, for each 1099-R, just state that whatever you took out was exactly the RMD.
Must the distribution to satisfy an account's RMD come from that account exclusively, or can a distribution from another account subject to an RMD satisfy the RMD for both accounts? Put another way, if account A has an RMD of $500 and account B an RMD of $1,000, can a distribution of $1,500 from account B satisfy the RMD requirement for both accounts?
"account A has an RMD of $500 and account B an RMD of $1,000, can a distribution of $1,500 from account B satisfy"
Unfortunately, 2024 TurboTax does not handle this "use case" very well even after the second software iteration.