I have multiple IRAs subject to multiple RMDs. Is there a summary of the accumulated IRA distributions and the accumulated RMDs?

Forum|Forum|1 year ago
February 3, 2025
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Manual calculations shows I am meeting the required distributions. Some distributions for an IRA are less than the RMD, other distributions exceed the RMD. in the aggregate, accumulated distributions exceed accumulated RMDs. Turbo Tax does not seem to be aggregating distributions and RMDs. Is there a worksheet or table that shows the IRA distribution vs the IRA RMD?

MinhT1

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.

There is no worksheet. 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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TGille605Author

In some cases, for an individual IRA, the distributed amount is less than the RMD. However, in the aggregate, the total of the distributions of all the IRAs are greater than the total of the RMDs. Turbo Tax appears to be doing a one for one check of the distribution vs the RMD rather than aggregating distributions and RMDs.

DianeW777

When you reach the question about the required minimum distribution (RMD), and you know you have taken the full RMD for the year when aggregating your accounts and the distributions you should answer The entire distribution was an RMD. See the screen below and the information from @MinhT1.