You'll need to sign in or create an account to connect with an expert.
The RMD calculations will be completely separate for you and for your wife.
The amount of your RMD depends on the balances that each of you have in your various retirement accounts and is usually calculated for you by your brokerage. If you have accounts with multiple brokerage companies, remember that they only have the information that you tell them. Each one will give you an RMD calculation based on the balances of the accounts held at their institution.
It is up to you which account you take your RMDs out of, though. If you have three accounts with different brokerages and the RMD for each of those three accounts is $10,000 -- then you have to take out $30,000. But you can take that all from a single account or divide it up however you would like. Again, though, your RMDs and accounts are separate from your wife's.
The IRS does provide information on how to calculate these amounts yourself, if you want to dive in with your favorite calculator. All of the Q&As on the IRS's Retirement plan and IRA Required Minimum Distributions FAQs page are useful, but #4 is the one with the calculation information.
Note: since you turned 73 this year, you could choose to wait to take your first RMD until next year, as long as you've done so by April 1. But, if you do that, then you'll have two withdrawals next year -- your first one and the regularly scheduled one that must be taken by December 31 of next year.
The RMD calculations will be completely separate for you and for your wife.
The amount of your RMD depends on the balances that each of you have in your various retirement accounts and is usually calculated for you by your brokerage. If you have accounts with multiple brokerage companies, remember that they only have the information that you tell them. Each one will give you an RMD calculation based on the balances of the accounts held at their institution.
It is up to you which account you take your RMDs out of, though. If you have three accounts with different brokerages and the RMD for each of those three accounts is $10,000 -- then you have to take out $30,000. But you can take that all from a single account or divide it up however you would like. Again, though, your RMDs and accounts are separate from your wife's.
The IRS does provide information on how to calculate these amounts yourself, if you want to dive in with your favorite calculator. All of the Q&As on the IRS's Retirement plan and IRA Required Minimum Distributions FAQs page are useful, but #4 is the one with the calculation information.
Note: since you turned 73 this year, you could choose to wait to take your first RMD until next year, as long as you've done so by April 1. But, if you do that, then you'll have two withdrawals next year -- your first one and the regularly scheduled one that must be taken by December 31 of next year.
Thank you for your answer, it was very helpful.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
stafford2019
Level 2
mhale34
Level 1
ResidentOB98
Level 2
pzfqyb
New Member
TobyMeister
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.