AboutDavid M Iannopollo Expertise I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances.
Experience I have over 20 years experience in the business and financial world.
Question I have a bank IRA CD & have requested that the bank take my total RMD required from this CD as well as the RMD from one other small bank IRA CD.
The bank tells me that they can take the RMD from their CD acct. & will issue paper work on the other bank's CD acct. but will not code it as an RMD.
They tell me this will fulfill the required RMD for this account.
Do you know what this paper work may be that they are talking about ?
Does this make sense & can you help me to understand this so that I do this right to satisfy the IRS ?
Thank you !
Answer Hi Ang,
While you have to calculate your RMD for each IRA, the total amount can be taken from one account. I think this sounds like what you are doing. If this is the case, it sounds like the bank paperwork is reporting this to the IRS in this manner. That you are fulfilling your RMD by taking the total RMD for both accounts out of just one. I would double check with the bank just to make sure or check with a CPA. Good luck!
