Calculating RMD

Forum|Forum|3 years ago
February 27, 2023
3 replies
14 views

Explanations abound on RMD and how to handle. No one seems to know how to calculate it.

If my IRA is $100,000 and I am over 72 1/2 - what is the number for 2022?

I'm trying to answer the TurboTax Questions:

Was this withdrawal an RMD? <Yes>

Tell us how much of the $xx,xxx.xx received applies to the RMD that needed to be taken out?

How do I find that number?

VolvoGirl

Level 15

It usually is all of it is the RMD. Or did you take out more? The IRA plan should have s3nt you a letter at the beginning of 2022 telling you how much RMD you had to take.

Here is a worksheet to calculate the RMD

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

VolvoGirl

Level 15

If that link doesn't work for you try this one

https://www.irs.gov/retirement-plans/plan-participant-employee/ira-required-minimum-distribution-worksheet

Bsch4477

Level 15

Your financial institution will tell you that. If you were told how much to withdraw assume that all is RMD. If in doubt ask your financial institution.

DoninGA

Level 15

Did the plan administrator automatically send you distribution or did you request a distribution in 2022? Did you contact your plan and request an RMD be sent to you in 2022?

I have my RMD sent to me automatically each year from my 401(k) in June so the all the distribution is an RMD.