William Brenner wrote:

- quote -

Can't help but be amused at your use of the term "bank's IRA
expert". Is there such a person? (grin)

Not at local branches, that's for sure, at least around
these parts.

Last year one bank vice president insisted that my 60 year
old client was limited to 3,000$ IRA contribution.

ChEAr$,
Harlan Lunsford, EA n LA

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ndy wrote:

- quote -

The only requirement is that your annual distributions equal
the MRD. It doesn't matter how you choose to take the
distributions or from which accounts you use.

--
Alan
http://taxtopics.net

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Andy <andysharpe[at]juno.com> wrote:

- quote -

They can come from one or more accounts, so long as the
total RMD is taken.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Andy wrote:

- quote -

Pick and choose to your benefit.

Best to cash in those with least return of course.

ChEAr$,
Harlan Lunsford, EA n LA

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andysharpe[at]juno.com (Andy) posted:

- quote -

The Required Minimum Distribution for _all IRA accounts
combined, can be withdrawn from any single one.

In other words, you have Individual Retirement Arrangements
-- which just happen to be split among different trustees,
but your statutory obligations are for the sum total -- not
each separate account.

Bill

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My bank's IRA expert states that, as long as the total meets
legal requirements, one can withdraw any amount from as few
or as many multiple IRAs as one wishes.

HOWEVER, one must inform all of the IRA holders, from which
a FULL withdrawal required from that particular holder is
not made, that withdrawal(s) is/are being made elsewhere.

Absent this information, some banks are known to make a full
withdrawal for the customer. This would not be desirable.

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- quote -

If you have more than one traditional IRA, you have to
figure out the required minimum distribution for each IRA.
However, the total required distributions can be taken from
any of the IRA as long as the total amount is met.

You may find this article useful:

http://customer1.fpt.cch.com/text/c40s10d250.asp

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Andy wrote:

- quote -

The sum of all your subaccounts is used to calculate your
RMD withdrawal amount, but the actual RMD can be withdrawn
from one or several of the subaccounts.

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- quote -

As long as you take the minumum, you can take it from one or
two or all the accounts. Just look to the money amount, not
the number of accounts.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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andysharpe[at]juno.com (Andy) writes:

- quote -

Your choice. See Publication 590.

Phil Marti
Clarksburg, MD

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I have an IRA with several institutions.

If I must make mandatory withdrawals, do I have to make a
proportional withdrawal from each institution, or can I make
the entire withdrawal from only one account ?

Thanks,
Andy

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