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Submitted By: Diana
Answered: June 1, 2015 3:09 pm
Answered: June 1, 2015 3:09 pm
My husband has four IRAs; I have one. We both turn 70-1/2 this year. Can we lump all of our IRAs together to figure required minimum distributions?
Your husband can total all of his IRAs and then take his annual distributions from any one or more of the accounts; you must figure your RMD separately and take it solely from your IRA.
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Tax Glossary
Exemption
A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.
