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New Member
posted Apr 12, 2025 9:44:52 PM

Clear way to handle RMD's to combine RMD for two funds to satisfy the IRS

Turbotax 2024 Home and Business tax question.  As 75 year old retired civil service, I moved some Flex Savings Plan retirement funds to qualified gold equity IRA.  I determined the RMD for both and took the RMDs total from the Flex Savings Plan to not have to sell gold and incur selling fees etc.  How to I show the IRS that I satisfied the gold equity IRA RMD from the other fund in Turbo tax?  I just accepts the information without a penalty, but does not document the other RMD is met.  Also, since I am taking nothing out of the gold IRA, they send me only an annual statement and don't send me a 1099-R so at this point the IRS may not even know the other fund exists other than me just working with the Flex Saving Plan folks to transfer the funds to the other qualified plan.  There needs to be a way in Turbotax to clearly show the second RMD is identified and covered so issues don't come up later or during an audit. 

 

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1 Replies
Level 15
Apr 12, 2025 10:01:44 PM

enter the total required RMD in the 1099-R for the flex savings plan. All the IRS knows and cares about is that you took the RMD

 

there is a checkbox  for the 1099-R entire gross applies to 2024 RMD