1boxboro
Returning Member

rmd distribution

I have 2 similar accounts I take distribution from. One account greatly exceeds rmd. The other is  short. The total rmd amount is greater than required. Is this correct and penalties do not apply?

MinhT1
Expert Alumni

Retirement tax questions

Yes you are correct. You can take distributions from any retirement account (IRA or 401(k) and as long as the total distribution exceeds your total RMDs, you have satisfied the requirement.

 

In any case, RMDs have been waived for tax year 2020.

 

Please read this IRS document for more information. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

Retirement tax questions

Aggregation of RMDs only applies to IRAs for IRA RMDs and 403(b) plans for 403(b) RMDs.  RMDs for each 401(k) plan, 457(b) plan and the federal TSP must be satisfied from it's own plan.