RMD withdraw reporting

[DennisHank]

I have multiple retirement accounts with different brokerages.  My primary broker told me that I could do the RMD for all accounts (from all brokerages) from just one brokerage.  Turbo Tax is asking if the account was subject to an RMD and if so how much was withdrawn.  It was subject to RMB but nothing was withdrawn since it came out of a different retirement account at a different brokage;  how do I report / answer this question correctly?

[AmyC]

Let's look at the actual rules, then what you have and did to get a final answer.

Rules:

• IRA accounts - you can pick one account to cover the RMD for each account
• 403b - same as IRA
• 401k- you must take the RMD from each account
• 457B - you must take the RMD from each account

You have "multiple retirement accounts" - if they are all IRA accounts, then you determine the RMD of each and can withdraw the funds all from one account or spread out among them- per person.  If you have other investments, please reply back with more information, if you need further assistance.

Reference:  Retirement plan and IRA required minimum distributions FAQs | Internal Revenue Service