topic RMD in Deductions & credits

RMD

opsalg1A — Mon, 20 Jan 2020 18:14:27 GMT

I have my RMD broken down between two accounts. One account rmd is more than I took out and the other is under. I do I report the additional RMD?

Re: RMD

rjs — Mon, 20 Jan 2020 18:33:16 GMT

You don't have to do anything special. Just enter the 1099-R forms that you received. If both accounts are traditional IRAs and are not inherited, then you are okay as long as the total amount that you took out is at least equal to the total of the two RMDs.

Re: RMD

MayaD — Mon, 20 Jan 2020 21:57:21 GMT

Yes, you need to report both 1099-Rs.

The RMD is calculated for each account and then it can all be added together and come from any one or combination of accounts.

Any additional withdrawal will be considered as normal withdrawal from your account.

Re: RMD

dmertz — Tue, 21 Jan 2020 01:17:27 GMT

Also be aware that only IRA RMDs can be aggregated to allow taking part of the RMD for one IRA account from a different IRA account. As long as the total distributed from the IRAs is at least as much as the total RMD required from the IRAs, after clicking the Continue button on the Your 1099-R Entries page you can tell TurboTax that you received all of your RMD. However, if either of these two distributions was from a qualified retirement plan rather than from an IRA, the account from which the amount distributed that was less than required for that account has not had its RMD fully satisfied.