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RMD from multiple IRAs

I have 2 IRAs, but am only taking the RMD from one IRA, that is, I am taking the total required RMD for both IRAs from the first IRA. I know that is legal. My issue is that Turbo Tax software asks if this is the RMD for the IRA I am entering for and if I have other IRAs.  Do I need to enter information for the second IRA, or just proceed with the single IRA that I received the RMD from and answer yes, that is the RMD.

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1 Reply
MinhT1
Employee Tax Expert

RMD from multiple IRAs

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on the form 1099-R for your RMD withdrawal, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account. You don't need to enter anything about your other IRA.

 

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

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