RMD

Forum|Forum|1 year ago
March 19, 2025
1 reply
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I have 2 Traditional IRA accounts. My understanding is I can withdraw the RMD from one or both accounts. I have withdrawn some from one account and more than overall required amount from the other. Not sure about amounts to enter in page titled “Let’s get more info on RMD”.

Ask the Experts - Changes II - Mar 2025

DianeW777

Level 15

Yes, that is correct for IRA accounts. Enter the full amount for RMD in both 1099-Rs since you have taken the required amount for 2024. See helpful tips in the article below.

What is an RMD?

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TonyMazzAuthor

Level 2

Not sure I understand. Let’s say the RMD is $40,000. I have put the lesser amount taken from one account (let’s say $10,000) in the box on page titled “Let’s get more info.” For the second RMD account I have put $30, 000 in the box on the page although I have taken more than the required RMD from the second account. This seems to work. Please advise.

MinhT1

Level 15

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

Please read this IRS FAQ for more information

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