Multiple 1099R's from same issuer...

[AZ-Tax]

Last yr I obtained this client for the first time and they had several 1099R's from the same issuer with the same Fed ID and same boxes filled, same code etc. (only the amts were different from 08 to 09). Is there an easier way of entering all these 1099's?

Also, maybe I didnt notice this on my previous tax years of my tax software, but on the 1009R worksheet, its asking if the amt in box 1 is "entirely RMD". The 1099R does not mention RMD anywhere so how do we determine what % if any is box 1 is RMD?

I this an automatic "yes" if the TP and/or spouse are over 70-1/2?

[Burke]

Last yr I obtained this client for the first time and they had several 1099R's from the same issuer with the same Fed ID and same boxes filled, same code etc. (only the amts were different from 08 to 09). Is there an easier way of entering all these 1099's?Also, maybe I didnt notice this on my previous tax years of my tax software, but on the 1009R worksheet, its asking if the amt in box 1 is "entirely RMD". The 1099R does not mention RMD anywhere so how do we determine what % if any is box 1 is RMD?
I this an automatic "yes" if the TP and/or spouse are over 70-1/2?

It would not be automatic simply because they are over 70 1/2. They could always draw down more if they wished. Even though your software asks that question, I don't think it is required by the IRS. I am trying to think of a reason why it would be relevant and can't think of any as far as the taxation goes. When I file paper returns, I have in the past, aggregated 1099's from same payer to same TP -- the net result is the same. I am not sure it would be a problem even if you efiled as the total numbers would match.

[taxmom34]

i'm not sure if i am remembering this right or not, but welcome any disagreement. but for RMD i think it is required from each account taxpayer may have. so if he has 3 seperate accounts even with same bank isn't he required to take out minimum on each account. a few of local banks are putting the RMD for the coming year on their IRA statements, i call the bank to get my RMD each year, but i only have one account. or on the other hand , he would need to add all accounts and figure the RMD and take out the RMD from one account?

[thomtax]

The way it was told to me by a Schwab expert was that they needed to know how much was in all IRAs and they could calculate the total RMD and take it from one account, just so that it covered the total amount.

LT

[S T]

Total of All Accounts

The RMD for each year is based on the account balance as of 12/31 of the prior year of each account

T/P can elect on how to distribute the "total" RMD based on all accounts
by taking from only one account, or some amount for each account. As long as the RMD Distribution equals the total amount required based on the Total Balance.

As to original post - I would enter each 1099R separately even though it might be from one issuer. The IRS transcripts are going to reflect a separate 1099R and that is what they will use for the CP 2000 matching program.

Sandy