IRA Required minimum distribution

[CountryKen9]

Most of my IRA funds are in one account, but there is a smaller amount in a separate account and I can only withdraw a certain amount from that account each year.  I have already transferred the maximum amount from the smaller account into the larger account.  When I contacted the smaller account about the required minimum distribution for this year, they suggested that the easiest way to do this would be to withdraw enough from my larger IRA account to cover the requirement for both accounts.  They said to be sure to check with my tax person about how to report this on my taxes for 2022.  I will be 72 years old in October of 2022.  

[AdamNe]

Hello @CountryKen9 !

I generally agree. Your RMD (required minimum distribution) is calculated separately for each account you have, but it is not necessarily required to withdraw an RMD from each account. As long as you receive a distribution that is at least as great as the sum of the two separately calculated RMD's, you will have fulfilled your requirement. You will receive a 1099-R from the account that made the distribution, and you can use that document to help you file your 2022 taxes. 

I hope this helps!

All best, 

Adam, EA

TurboTax Live Expert

[CountryKen9]

Thanks for your reply.  The 1099 that I receive will have enough withdrawal funds listed to cover both IRAs, but it will only list the name of one. Can I use the same 1099 for both IRAs through Turbo Tax?

[AdamNe · Accepted solution]

Yes, you won't have a problem. Not having a 1099-R from the smaller IRA won't cause an issue in TurboTax or in general on your taxes.