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cpurin382
New Member

How do I report the amount of RMD I took from my IRA that is over the minimum amount required?

How do I report the ADDITIONAL amount of RMD I withdrew from my Traditional IRA?
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3 Replies

How do I report the amount of RMD I took from my IRA that is over the minimum amount required?

Just enter the full amount from the 1099R.  Just say you took the full RMD.  It doesn't matter that you took more.

jtax
Level 10

How do I report the amount of RMD I took from my IRA that is over the minimum amount required?

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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How do I report the amount of RMD I took from my IRA that is over the minimum amount required?

And actually the RMD for 2020 was waived.  So you can say No it was not the RMD.  You would need to say NO if you put it back into the account or moved it to another IRA account which is allowed for 2020.  

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