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Info to calculate RMDs

After a little googling, I find I have no need to find out how much I have contributed to my IRAs and SEPs, I just do the calculations with the total amount. One reference said to calculate the amount do for each account, but you can pay it from any of your Tax advantaged accounts.

I don't see why you can't add all accounts use that number rather than calculate each account separately.

Also I have non tax advantaged money over 35 years, Where do I start to find my cost basis?

Thanks for your input, Mikek

Reply to
amdx
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Under some circumstances, the MRD may depend on the beneficiary or the type of IRA.

Each year in which you made a non-deductible contribution to a traditional IRA, you needed to file form 8606. I assume that, or a similar form, applies to SEP-IRAs. Finally, if you "rolled over" non-retirement funds or 401(a) accounts into an IRA, that would be just wrong. (If you were my client, I would go into more detail. But you asked "where to start"....)

-- Arthur Rubin, CRTP, AFSP, Brea, CA

Reply to
Arthur Rubin

"> I don't see why you can't add all accounts and use that number rather

Be very careful. There are two different rules, for two different kinds of deferred-tax retirement accounts. One allows you to lump the balances together and take your distribution wherever, but the other doesn't allow it.

Don't ask why, just find the rules and follow them.

Reply to
lotax

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