Apologies if this has been answered before; I can’t find that discussion.
My question is how do I designate on my tax forms the amount I withdrew from my Traditional IRA as the (full and complete) RMD that it is?
I took my first RMD this year; it’s also my first withdrawal from my TIRA. I’ve received the 1099-R from TDA with the correct amount listed.
Boxes 1 and 2a have the amount I withdrew (the same value in both boxes)
Box 2b is checked (although the total amount withdrawn should be taxable)
Box 7 has ‘7’ listed, and the IRA/SEP/SIMPLE line is checked
All other boxes are empty
I use TaxACT’s Q&A process to do the income tax forms, and it never asked whether this was an RMD; it just loaded the 1099-R.
The 1st redemption in the calendar year is considered to be the RMD. Additional redemptions are RMD’s until you have taken enough. You do not need to report it anywhere. Just make sure you take enough out during the year.
Note- If you have more than one IRA in your name the 1st redemption counts as the RMD from either one. If your RMD amount is $1000 from IRA #1 and $2000 from IRA #2, the 1st $3000 from both accounts satisfies the RMD for both.
IRA’s and 401K’s are different and the redemptions between the types must be done separately.
So nothing to report on tax forms. Just be sure the 1099 amounts cover the RMD amount.
Note- If you have more than one IRA in your name the 1st redemption counts as the RMD from either one. If your RMD amount is $1000 from IRA #1 and $2000 from IRA #2, the 1st $3000 from EITHER account satisfies the RMD for both.
A general comment which appears not to apply to you.
RMDs can be one of any type of retirement account but must be from the correct type of retirement account. For those that have 401K, TIRA, 403b, etc… accounts, RMDs must be taken from each of the different types of accounts.
Also, unlike a ROTH IRA, ROTH 401K and 403b accounts have RMDs.