For RMD; do I need to ask each company I am receiving a distribution from to indicate thats an
on my 1099?
Answers
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Hello,
You may ask, but I don't think that is required. When you do ask, they may indicate how much the RMD is. You can indicate that when you enter the 1099-R on your tax account.
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Have several different accounts so each one that has a 1099-R will total my RMD. Just wanted to make sure the IRS knows that the distributions are to count toward my RMD and are not just ordinary distributions as I have been taking these distributions in past years when they were not required to be taken.
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Rudy,
The IRS expects you to file an accurate tax return, under penalty of perjury. The IRS doesn't really know, is my understanding. Report the RMD amount accurately. When you have more than 1 IRA, you can still do the total RMD from one or more accounts. You just need to have the right amount each year for all IRAs.
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ok - thanks - one other question. to calculate the amount of Social Security to be taxed at 85% vs lower amounts; what is the cutoff for married couples? ( e.g. - if the amount is $100K for MARRIED COUPLES then is the amount used the AGI ( adjusted gross income ) or the gross income before any deductions ( standard deduction) for myself lowers my taxable amount by about $30K.
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Rudy,
Good follow up. The Social Security Administration says,
- File a joint return, and you and your spouse have a combined income* that is
- Between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits.
- More than $44,000, up to 85% of your benefits may be taxable.
I am going to give you a link to the IRS Interactive Assistant. You can enter numbers there to find out.
- File a joint return, and you and your spouse have a combined income* that is
