Reporting aggregated RMDs

[svschaed]

Very confusing. The desktop program does not provide guidance.

[AmyC]

The first thing is to know if you took all RMD's required for your holdings. The goal here is to get an accurate penalty if you did not take all of your  RMD.

• You can take one lump from one account and it covers all your other RMD.
• A pension plan and an annuity will already have RMD as part of the distribution.

Based on your wording, I assume you took one big lump to cover all of your combined RMDs.

The second is making the computer understand if you have a penalty or not. I am going to assume that you do not since you were smart enough to determine your aggregated RMD. You clearly don't have forms to cover the accounts not used.

If you took the full RMD for all accounts on one form:

1. enter the 1099-R
2. enter the RMD for all accounts
3. select 
   • entire distribution applied or
   • some
     1. If you select some, enter amount toward RMD - this is where the computer wants a matching number for all RMD taken.
     2. The RMD can be lower than the distribution but the RMD amount must match the RMD. See screenshots below.

Third, check form 5329 part IX is showing that you have taken all of your RMD, no penalties or issues.

You can view your form and the RMD section:

• In desktop, switch to Forms Mode.
• For online:
  1. On the left side, select  Tax Tools
  2. Select Print center
  3. Select Print, save or preview this year's return
  4. If you have not paid, select pay now.

When entering some of the RMD, be careful. I entered a $3,000 1099-R and tried different scenarios.

[AmyC]

The first thing is to know if you took all RMD's required for your holdings. The goal here is to get an accurate penalty if you did not take all of your  RMD.

• You can take one lump from one account and it covers all your other RMD.
• A pension plan and an annuity will already have RMD as part of the distribution.

Based on your wording, I assume you took one big lump to cover all of your combined RMDs.

The second is making the computer understand if you have a penalty or not. I am going to assume that you do not since you were smart enough to determine your aggregated RMD. You clearly don't have forms to cover the accounts not used.

If you took the full RMD for all accounts on one form:

1. enter the 1099-R
2. enter the RMD for all accounts
3. select 
   • entire distribution applied or
   • some
     1. If you select some, enter amount toward RMD - this is where the computer wants a matching number for all RMD taken.
     2. The RMD can be lower than the distribution but the RMD amount must match the RMD. See screenshots below.

Third, check form 5329 part IX is showing that you have taken all of your RMD, no penalties or issues.

You can view your form and the RMD section:

• In desktop, switch to Forms Mode.
• For online:
  1. On the left side, select  Tax Tools
  2. Select Print center
  3. Select Print, save or preview this year's return
  4. If you have not paid, select pay now.

When entering some of the RMD, be careful. I entered a $3,000 1099-R and tried different scenarios.