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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
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
