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Level 1
posted Mar 20, 2024 10:12:35 AM

Taking ombined RMDs from one account to cover both-how to enter

I have a Traditional (rollover) IRA and a Beneficiary IRA (from a friend).  I closed out the Beneficiary IRA and the proceeds exceeded the combined RMDs for both accounts, therefore I did not take money out of the Traditional IRA.  How and where do I report this?  What form?  Did I make a mistake?

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1 Best answer
Level 15
Mar 20, 2024 11:01:31 AM

You missed your own RMD because your IRAs and any inherited IRA must be maintained separate.

 

You can still take your 2023 RMD now and request a waiver of the penalty.

 

@PaulB27 

2 Replies
Level 15
Mar 20, 2024 11:01:31 AM

You missed your own RMD because your IRAs and any inherited IRA must be maintained separate.

 

You can still take your 2023 RMD now and request a waiver of the penalty.

 

@PaulB27 

Level 1
Mar 20, 2024 12:10:56 PM

Thank You so very much, fanfare, for your quick and clear response!  I will do as you say, and, again, thank you.