turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

n-v1
New Member

I'm fully retired,but i still work full time.I have several IRA's and a 401k. Can i satisfy all my RMD's wth one withdrawl from my 401?

 
Connect with an expert
x
Do you have an Intuit account?

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
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I'm fully retired,but i still work full time.I have several IRA's and a 401k. Can i satisfy all my RMD's wth one withdrawl from my 401?

No.  You have to do the IRAs and 401K separately.  You can combine the IRAs and take them out of one.

 

Each plan might automatically send you the amount at the beginning of the year.  Mine did.  If they are the same kind of accounts like IRA you can take the total RMD for all of them from one account or split it up.  You have to take the RMD separately from IRA and 401k accounts.

 

Once you determine a separate required minimum distribution from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.

 

See this IRS FAQ on RMDs….

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions

 

Here is a worksheet to calculate the RMD

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

 

IRS Publication 590B on IRA Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf

View solution in original post

1 Reply
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I'm fully retired,but i still work full time.I have several IRA's and a 401k. Can i satisfy all my RMD's wth one withdrawl from my 401?

No.  You have to do the IRAs and 401K separately.  You can combine the IRAs and take them out of one.

 

Each plan might automatically send you the amount at the beginning of the year.  Mine did.  If they are the same kind of accounts like IRA you can take the total RMD for all of them from one account or split it up.  You have to take the RMD separately from IRA and 401k accounts.

 

Once you determine a separate required minimum distribution from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.

 

See this IRS FAQ on RMDs….

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions

 

Here is a worksheet to calculate the RMD

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

 

IRS Publication 590B on IRA Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies