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spraytj2014
March 1, 2021
Question

If I take more than is required for my RMD which box do I check?

  • March 1, 2021
  • 1 reply
  • 0 views
If I take more than is required for my RMD which box do I check?

1 reply

M
MinhT1
March 1, 2021

It is perfectly OK to withdraw more than required for your RMD. There is no tax consequence other than the tax you have to pay on the amount withdrawn.

 

The RMDs have been waived for tax year 2020.

 

Please read this IRS document for more information.

 

In TurboTax, if you withdrew in 2020 more than your RMD, you can choose either Only part of this distribution was a RMD or None of this withdrawal was a RMD. There is no penalty.

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