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sox4445
New Member

rmd

in year of my first rmd, from multiple accounts, I filled out forms correctly, except on one account, they reported my rmd for april, but due to illness, I did not realize they required a new form for subsequent withdrawals, and reported correctly on all other accounts. will I have a 50% penalty on all rmd's or just the one I missed. also, if I contact the one account company to find out the amounts I should have taken, can I enter those amts on this yr's return?
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1 Reply

rmd

Your question is not clear if you actually satisfied the RMD or not.    You do know, don't you, that you have until April 1 or the year following the year that you turn 70 1/2 to take the first RMD and that can be taken form any traditional IRA account that you have. 

 

Your total RMD is based on the aggregate value of all IRA accounts and can be satisfied with distributions from any or several IRA accounts as long as the total distribution is equal to or more than the years RMD.

**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.**

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