jtax
Level 10

Retirement tax questions

That's right. The RMD is minimum amount you must take to avoid penalty. You may take out all of the IRA/401k if you want. You just have to pay tax on it. 

 

The full amount will be in the 1099-R and TT will pick it up automatically.

 

TT is asking the questions about the RMD to make sure you didn't take LESS than the minimum. In that case there are penalties.

 

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