My rmd is 13,000. I took 26,000. Why am I being penalized?

Forum|Forum|1 year ago
February 2, 2025
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What is the maximum a 73 year old can withdraw from an IRA account?

MinhT1

There is no maximum withdrawal from an IRA. You can withdraw up to the balance of your IRA account.

If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each RMD withdrawal, answer that The entire distribution was an RMD then on the following page, enter the amount of the distribution as the RMD amount for that IRA.

By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

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