How do I report in Turbo Tax that I took RMDs from one retirement account to cover all retirement accounts?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I have 3 retirement accounts and must take RMDs. One is an annuity. I took extra distributions from my traditional IRA to cover the RMD for the annuity. I've read the IRS pub on IRAs. I think it says I can do that. But because I took no distributions, I have no 1099-R for the annuity. How do I show in TT that I have met my tax obligation for all retirement accounts including the annuity?

TurboTax Premier Windows

dmertz

Level 15

Your tax return does not report anything that specifically associates your distributions with RMDs. There is no need to indicate that any particular IRA's RMD was satisfied from any particular source. Your tax return simply shows on Form 1040 line 15a (or 15b if the entire amount is taxable) or Form 1040A line 16a (or 16b if the entire amount is taxable) the total of your distributions.

I assume that you annuity is an IRA deferred annuity. Yes, provided that your IRA annuity had a 2015 year-end balance (was not annuitized) you can aggregate the RMDs separately calculated for each of your traditional IRAs, including the IRA annuity, and take distributions from the IRAs in any combination to satisfy the aggregate IRA RMD.

Reba4

Level 2

If no form is issued to denote which account RMD's come from, why does Turbotax ask the question?

filejulie2018

Level 2

I have the same question as above. For the last several years I have taken all my RMDs required of 3 different IRAs (2 of which are annuities) from the IRA account that does not have a term limit.

This year I noticed that there’s a directive : if the RMD entry you’ve entered includes RMD amounts for any other account, then go back and edit this form 1099 – R. Update the RMD amount questions to reflect only amounts from this account applicable to December 31, 2024 RMD.