RMD

Forum|Forum|2 years ago
July 26, 2023
1 reply
2 views

How to I calculate my RMD amount (3 different accounts) and where do I enter the amount on my tax return?

Ask the Experts - Retirement - July 2023

Best answer by VolvoGirl

Use Table III (Uniform Lifetime) Page 65. It says for Married owners whose spouses aren't more than 10 year younger. But that is for 2023. You don't need to take a RMD until next year 2024 and actually you have until April 2025 to take your first RMD. But then you will have to take 2 RMD in 2025.

LoriC17

Level 4

Hello,

If your financial institution does not calculate the RMD for each account then you can complete this with the following steps.

First you will take the final balance of prior Dec 31st and then divide it by a life expectancy factor that the IRS publishes in Tables in Publication 590-B. I will include the link to this publication and you will chose the table based on your situation.

https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs#:~:text=Generally%2C%20a%20RMD%20is%20calculated,Individual%20Retirement%20Arrangements%20(IRAs).

Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. Notice 2023-23PDF permits financial institutions to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.

You will receive a 1099-R at year end and this will be entered into retirement section of tax return. Within TurboTax you will then be asked questions in regards to your RMD.

I hope it helps, please let us know if you have any additional questions.. Enjoy your day!!. **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

sasugaAuthor

Level 2

Hi Lori C17,

Thank you for your response. However, I can't figure out what RMD table to use in Publication 590-B. I turn 73 in May of 2024. I am the IRA owner and my wife, who is 8 years younger than I, is the beneficiary. Can you please tell me what RMD table I must use?

Best regards