topic When to report RMD in Retirement tax questions

When to report RMD

phann185 — Sat, 01 Jun 2019 01:38:51 GMT

Was burn sep.1945, turn 70.5 Mar. 2016. Took 1st RMD Dec. 2016, will take 2nd before Dec. 31,2017.

Question 1: Am I doing right?

Question 2: Can I report 1st RMD on my 2016 tax return ( in early 2017) ? And report the 2nd on my 2017 tax return ( in early 2018)?

Remember that your RMD for 2016 was based on your account...

CalCountry — Sat, 01 Jun 2019 01:38:53 GMT

Remember that your RMD for 2016 was based on your account(s) values at year-end 2015, and your RMD for your 2017 withdrawal will be based on your account(s) values at year-end 2016.

You have done it just right.  Yes to both questions.
  "Can I report 1st RMD on my 2016 tax return?"  Yes, because the withdrawal was made in 2016.
  "And report the 2nd on my 2017 tax return?"  Yes, because the withdrawal will be made in 2017.
Withdrawals are reported and taxable for the year in which they are taken.

You will receive a 1099-R for the RMD.

SweetieJean — Sat, 01 Jun 2019 01:38:54 GMT

You will receive a 1099-R for the RMD.

May I ask is there a reason why you are asking? You will...

VolvoGirl — Sat, 01 Jun 2019 01:38:56 GMT

May I ask is there a reason why you are asking? You will need to take the RMD each year now by Dec 31. Do you have more than one IRA, etc?

VolvoGirl commented on an answer to your question: when...

phann185 — Sat, 01 Jun 2019 01:38:58 GMT

VolvoGirl commented on an answer to your question:

when to report RMD

Thank you very much!

May I ask is there a reason why you are asking? You will need to take the RMD each year now by Dec 31. Do you have more than one IRA, etc?

Reason: I have many IRAs. I know I can take 1st RMD until Apr. 2017, and 2nd before Dec. 2017, and report 2 RMDs together early 2018. Then, my tax will falling into a higher tax rate.
Is this reasonable?

If you have more than one Traditional IRA, your RMD must...

macuser_22 — Sat, 01 Jun 2019 01:38:59 GMT

If you have more than one Traditional IRA, your RMD must be calculated on the total value of *all* Traditional IRA accounts as of December 31 of the year prior to the RMD year (i.e. Dec 31, 2016 from the 2017 RMD). The RMD can be taken from any or a combination of accounts. The RMD can be calculated for each account separately by the custodian of the account and added together to get the total years RMD amount.