is the calculation of RMD correct?

Forum|Forum|1 year ago
January 28, 2025
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I took a partial RMD form one IRA. I took the remainder RMD from a second IRA. Turbo tax is not accepting this.

Best answer by 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.

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA. By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty.

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.

MinhT1Answer

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.

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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