Question

If I withdrew the balance of my IRA, is any or all of it a RMD?

Forum|Forum|2 years ago
February 5, 2024
1 reply
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In years past, I have taken RMDs, but this year I withdrew the balance of the IRA to help pay for my mother's funeral. Is a portion considered RMD or is the entire amount of the distribution a RMD?

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D

DianeW777

Yes, part of it would be a required minimum distribution (RMD), the remainder would simply be part of the taxable distribution assuming you had no cost basis in it. In the future, since it was fully distributed, there would no longer be any RMD.

If you did have any prior nondeductible contributions (a cost basis) then you should have that information available on Form 8606. This would be used to show a nontaxable amount, if applicable.

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