RMD

[ABC22DEF44]

My 401K plan had one administrator for 5 months and a different administrator for 7 months.

 I received two 1099-R. The RMD amount for the first 1099-R does not meet the total RMD required for 2023. The second 1099-R  well exceeds the RMD requirement for 2023. How do I report the RMD On the tax form.

 Should the required RMD be split 5/12 of the total due for one 1099-r and 7/12 for the other 1099-R.

  Should I claim zero on the first 1099-R  and the total RMD on the second 1099-R.

              Thank you for a reply

[fanfare]

"How do I report the RMD On the tax form."

how much did you take out of your 401k?? That is taxable.

Genrally if the custodian does it for you, it is exact amount to the penny of your required distribution.

@ABC22DEF44 

[Opus 17]

An RMD is not a single transaction.  It is simply the least amount you must withdraw to avoid a penalty, you can always withdraw more if you want.

As long as you withdrew at least as much as your RMD amount before 12/31/23, you are completely fine.

Turbotax only asks if your withdrawal was an RMD because there are certain things you can't do until you make your RMD, such as you can't do a rollover to an IRA until you take your RMD first.  There is no where on your tax return to check "this 1099 is an RMD" but "this other 1099 is more than my RMD".

Enter the first 1099-R, when Turbotax asks if this was part of your RMD, say yes, it all was.  Then enter the second 1099-R.  When Turbotax asks if this was part your RMD, say yes part of it was.  turbotax will ask for the amount.

Again, this has no effect on the tax or penalties you owe, as long as the total you withdrew over the year is more than the minimum amount you were required to withdraw.

[ABC22DEF44]

This Message from opus 17 level 15 is an acceptable answer for the same 401K that was split between two (2) different administrators. The first administrator provided monthly RMDs for five (5) months. The new administrator provided RMDs for seven (7) months. Whereas the first administrator did not reach the required RMD for the year. I have to believe that changing administrators is a common practice for 401K plans.

   Thank you for your response

[centerall49]

My question is about pension payouts and RMD.  In calculating how much money I withdrew from retirement accounts can I add my pension payout for the year (on 1099-R) to the withdrawal total for the year, also on a 1099-R, from my IRA custodian?

I'm guessing the answer is no because the value of the pension is not known and therefore is not part of the calculation for the total of retirement account balances.

Thanks for your help!

[Opus 17]

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@centerall49 wrote:

My question is about pension payouts and RMD.  In calculating how much money I withdrew from retirement accounts can I add my pension payout for the year (on 1099-R) to the withdrawal total for the year, also on a 1099-R, from my IRA custodian?

I'm guessing the answer is no because the value of the pension is not known and therefore is not part of the calculation for the total of retirement account balances.

Thanks for your help!

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Each "class" of retirement account has a separate RMD requirement.  You calculate the RMD for your traditional IRAs based on the aggregate total of your IRA accounts only.  If you have more than one IRA, you still only have one calculated amount you must withdraw, and you can take if from your IRAs in any combination.  If you also had a 401k or 403b, that class of account has a  separate RMD requirement and separate calculation.  And your pension payment is considered an RMD from itself, because the payout is calculated based on your life expectancy.  It only counts against itself and not against any other RMD.