RMD From 2 different IRA's

Forum|Forum|1 year ago
January 10, 2025
3 replies
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How do I record RMD taken from two different accounts

Bsch4477

Employee

You will receive a 1099-R from each account. Enter each one and when asked say all is RMD.

enuebelAuthor

The problem is it didn't ask me on the second one. When I put in the required total at the end of the first 1099-R it says I had a short fall and did I take it. I said yes but it still doesn't count the second 1099-R as an RMD and issues a penalty .

dmertz

Employee

TurboTax developers made a mess of this.

If you satisfied all RMDs correctly and timely, when entering the Forms 1099-R make sure to enter as the required amount, when asked, no more than the gross-distribution amount of the particular Form 1099-R that you are entering. This will prevent TurboTax from inappropriately preparing Form 5329 Part IX.

pkm1

Employee

Can you simply add the 1099 R's from each account and enter it like that? I wish TT asked where else did you take RMD from rather than going to enter required RMD amount. Not an optimal algorithm.