Reporting Multiple IRAs traditional and inherited

Forum|Forum|2 years ago
March 28, 2024
2 replies
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How do I report in TurboTax 2 inherited IRAs that require RMDs that I took in 2023 and other traditional IRAs for which I am not yet required to take an RMD? Also in 2023, some funds from a retirement deferred compensation plan (e.g. 457) were rolled over to a new traditional IRA, from which a subset of these funds were converted to a Roth IRA. How do I correctly report all of this in TurboTax? The retirement section seems to assume only one account that either does or doesn't require an RMD.

Best answer by SharonD007

Since you were only required to take the RMD on the inherited IRAs and not the other distributions, mark the first option — I received all the RMD for 2023.

For more information, please refer to the TurboTax articles Is an inherited IRA or retirement plan taxable? and You can also review the TurboTax article What is an RMD?

AlphaEskieAuthor

In particular is how to respond to the question "Tell us more about this retirement plan distribution...Include needed required withdrawals from any inherited retirement accounts in your answer below. Select one of the following:

o I received all the RMD for 2023

o I did not receive all the RMD for 2023

o I was not required to take an RMD for 2023"

The correct response is I took the RMD as required for the inherited IRAs but was not required to take an RMD for the others. However it is not possible to enter both responses. When I selected the middle response, I did not receive all the RMD, TurboTax crashed.

SharonD007Answer

Since you were only required to take the RMD on the inherited IRAs and not the other distributions, mark the first option — I received all the RMD for 2023.

For more information, please refer to the TurboTax articles Is an inherited IRA or retirement plan taxable? and You can also review the TurboTax article What is an RMD?

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dmertz

Employee

There will be one or more Forms 1099-R from each account from which you made a distribution. Each Form 1099-R must be entered separately and the questions specific to that Form 1099-R answered. After entering all of the Forms 1099-R have been entered, click the Continue button on the page that lists the forms that you have entered and answer the questions that apply in general.