Ask Terry Questions rmd rules when you have multiple accounts

rmd rules when you have multiple accounts

By Terry Savage on May 09, 2017 | Financial Planning / Retirement

I have two accounts with IRA money and am at age where I needed to take RMD withdrawals so to make things simple I just increased the amount that was required from both accounts and just took that amount of just one of them. I was told that I should not have done it that way. What do you think?

Terry Says

Yes, you did it correctly.  You can tell one of your IRA custodians about your total in IRA accounts, including the amount with another custodian.  By the way, this valuation is done as of year-end the previous year, so keep your statements.  Then at any time during the year, or at the end of the current year, your custodian will calculate the RMD.  You can take it all from one of the accounts, or decide how much to take from each -- as long as you take at least the required minimum that was calculated for you.

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