I have two IRA accounts. I am required to take an RMD. I took the total RMD from one account. How do I state the RMD for the other account since it doesn't have a 1099

Forum|Forum|1 year ago
February 25, 2025
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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.

You do not need to have a 1099-R form for each of your IRAs

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on your form 1099-R for RMD withdrawal, 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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dfhjr586Author

When I requested the distribution from IRA-1, I requested RMD from IRA-1 plus RMD from IRA-2 plus a round up distribution to the next $1000. I have the 1099-R from IRA-1. Part of the 1099R amount is IRA-1 plus IRA-2 RMDs and part is a simple distribution. Turbotax asks me for my RMD only from IRA-1, not the total RMD. How do I enter the RMD for IRA-2 to show that my entire RMD has been covered and there is also a round up distribution? If I enter the entire RMD amount on the question about the IRA-1 RMD, it will show the IRA-1 RMD has been exceeded and not recognize the IRA-2 RMD as covered.

Thanks,

don

MinhT1

As I have explained in my previous answer, your answers in TurboTax to the RMD questions are not reported on your tax return which is filed with the IRS. This is just a way to say to TurboTax that all your RMDs are satisfied so TurboTax does not calculate a penalty.

You just keep information about the RMDs in your tax records in case you have an inquiry from the IRS in the future.

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woodlm38

Great solution but I have used Turbo tax for several years now and last year I took part of my RMD from both IRSs so Turbo Tax was expecting a 1099R from both, but since I didn't take part of the RMD from one of them they did not send me a 1099R and the system asked for the other 1099R then asked if I took the RMD. No box to check to explain.