Tracking 403b - vs Trad IRA vs RMD vs Turbotax

Ps56k2
Ps56k2 SuperUser ✭✭✭✭✭
We have a single Fidelity Trad IRA - and also a Fidelity 403b from our teaching days.
(thinking of a rollover from the 403b into the IRA to make record keeping simplier)
Both are tracked in Quicken just fine.

Have noticed over the years, as we review our yearly Turbotax data,
that the IRA worksheet wasn't always keeping track of the ongoing Cost Basis -
and I don't think I was entering the year-end Market Value.   
Both are solid entries now for the future RMDs when they happen...

SO... was thinking about the "IRA Market Value" - and then thought about our 403b.....
What happens with that ?
There is no tracking in Turbotax -
... do I need to keep track of it manually - and do I need the Cost Basis for later RMD ?

Also found the IRS note - that the RMDs must be taken from each "group" -
So the Trad IRA has its own RMD calc & withdrawal
and the 403b has its own RMD calc & withdrawal.

Where, or how is the 403b withdrawal reflected in Turbotax - and is there any Cost Basis reflected ?



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Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Traditional IRAs, 401(k), and 403(b) are funded with pre-tax income.  This means distributions from these accounts will be taxed as income (not gain) and the require minimum distribution (RMD) will be calculated using the market value of the account on the last day of the previous year.   In other words, there is no need to track the cost basis in these accounts for taxes but you do need the prior year's market value of each account to determine the current year's RMD for each account.
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