Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jul 4, 2020 12:58:47 PM

How do I calculate my RMD if my withdrawels exceeded the RMD?

0 1 750
1 Replies
Level 15
Jul 4, 2020 1:18:30 PM

Your 2019 yearly RMD is based on the aggregate  total value of all Traditional IRA accounts at the end of 2018.   That amount is divided by your life expectancy in appendix B on IRS Pub 590B  (table III for most persons).

 

https://www.irs.gov/publications/p590b

 

Your IRA custodian can calculate it for you but only for the account that they hold.

 

If you mean the RMD question, just say that it was all a RMD unless you rolled the excess back.

 

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

 

The question is just to be sure that the requirement was met.