RMD

2 replies
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My wife and I both have mutual fund and precious metal IRAs. I have excess distributions from my mutual fund to cover my precious metal RMD. Can I also cover my wife's precious metal RMD with may mutual fund excess distribution?

MinhT1

Alumni - Intuit

No.

Even if you filed your tax return jointly. IRA accounts are owned individually and each individual has to satisfy their own RMD obligation.

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bosso3

Level 7

IRAs are Individual Retirement Arrangements. Thus if you have a multiple IRAs, your Required Minimum Distribution is the sum of the RMDs for all your IRA accounts. You can take your distributions from one or more of your IRA accounts as long as the total distributions meet or exceed the total of each account's RMD.

Your wife's IRAs are hers, and the same rules as above apply to her and her IRA distribution.

You can not apply your IRA distribution to her and she can not apply her's to you.

For more info, refer to https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

I hope this helps.

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