topic Re: RMD Withdraw Reporting in Retirement tax questions

RMD Withdraw Reporting

Bob308 — Wed, 11 Dec 2024 18:48:50 GMT

I have two annuities and a mutual fund account. The three are retirement accounts. At the beginning of the year, I received a RMD statement from each account. I summed the value of all accounts together and took one RMD from the mutual fund account to cover all three required RMDs. Is there anywhere in Turbotax where I would report the values of the three accounts that the RMD was based on?

Re: RMD Withdraw Reporting

VolvoGirl — Wed, 11 Dec 2024 19:12:00 GMT

Are they all in IRA accounts? You can't combine the RMD from different kinds of accounts like IRA and 401k. You will get a 1099R in late January for the withdrawal. Just enter the 1099R and it will ask if it was the RMD. Just answer YES. You don't need to give the amounts for each account.

Re: RMD Withdraw Reporting

fanfare — Wed, 11 Dec 2024 20:46:28 GMT

Apart from IRAs, a 401k (if any) must be treated alone and its' RMD taken from that account.

@Bob308

Re: RMD Withdraw Reporting

Bob308 — Wed, 11 Dec 2024 21:28:50 GMT

Thank you. These tax rules can be very confusing.

Re: RMD Withdraw Reporting

Bob308 — Wed, 11 Dec 2024 21:29:50 GMT

Thank you. I appreciate your help.

Re: RMD Withdraw Reporting

Bob308 — Fri, 13 Dec 2024 14:34:43 GMT

Yes they are all IRAs.