- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My IRA RMD is $3887.01, split between 2 banks. I took a distribution of $16532 from one bank (to close it out) but nothing from the second bank. Does that work?
Topics:
posted
June 4, 2019
12:41 PM
last updated
June 04, 2019
12:41 PM
Connect with an expert
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My IRA RMD is $3887.01, split between 2 banks. I took a distribution of $16532 from one bank (to close it out) but nothing from the second bank. Does that work?
For tax purposes you only have one IRA that is the aggregate total of all accounts. The RMD can come from any one or more account as long as the total RMD for the total of all accounts is distributed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 4, 2019
12:41 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My IRA RMD is $3887.01, split between 2 banks. I took a distribution of $16532 from one bank (to close it out) but nothing from the second bank. Does that work?
For tax purposes you only have one IRA that is the aggregate total of all accounts. The RMD can come from any one or more account as long as the total RMD for the total of all accounts is distributed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 4, 2019
12:41 PM
Still have questions?
Make a post