Question

I have never received RMD from Amer. Equity Investment Life Ins. Co.

Forum|Forum|3 years ago
March 20, 2023
1 reply
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Now I am told that I will have to pay more taxes because of this. If they have my birthdate, then why didn't they do this? My husband took this out on me and he has been gone for 11 yrs.

TurboTax Deluxe Online

D

DavidD66

Insurance companies and retirement plan custodians do not automatically distribute Required Minimum Distributions. Often people have multiple accounts subject to RMDS, but choose to take the entire combined RMD from a single account, instead of an amount from each account. It is the owner/participants responsibility to request the RMD each year.

You should take all of your prior RMDs that you have taken. If you have taken them and need to report them, you will have to pay tax on the distribution, but it is possible to have the penalty waived. See the following answer to a similar question from a TurboTax Champ:

How do I report a late RMD Distriibution in TurbotTax?

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