RMDs

[jz34]

As many others on this forum, I am having difficulty entering my RMDs. I have 2 IRAs and have always taken both RMDs from one account and always used Turbo Tax without a problem. I do not get a 1099-R for the IRA I take NO distribution from, but TT always had a place to list both Payers and the required RMD for each. Now, there is no place for the one I did not use, even though the RMD amount was included in the distribution I took from the other IRA, as allowed by the IRS, even if not by TT. Please tell me how to resolve all of this so that I can file my previously "simple" tax return.

[MinhT1]

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on the form 1099-R for 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.

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.

Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

Please read this IRS FAQ for more information.