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gmgbg
New Member

How to report RMD when taking more than the rquired amount?

RMDis 4500, I with drew 8000. How do I report?
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Accepted Solutions
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

How to report RMD when taking more than the rquired amount?

You don't have to do anything special.  Just report the full amount from the 1099R .  Then it will ask if it was the RMD.   Just say yes since you took the full RMD or more.  It doesn't matter you took more.  It's only a problem if you didn't take it or took less than the RMD.  

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3 Replies
VolvoGirl
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

How to report RMD when taking more than the rquired amount?

You don't have to do anything special.  Just report the full amount from the 1099R .  Then it will ask if it was the RMD.   Just say yes since you took the full RMD or more.  It doesn't matter you took more.  It's only a problem if you didn't take it or took less than the RMD.  

dmertz
Level 15

How to report RMD when taking more than the rquired amount?

The only reason that TurboTax asks how much of the distribution was RMD is to determine how much is eligible for rollover so that TurboTax can later in the questioning block you from reporting a rollover of more than the amount in excess of the RMD (in case you rolled any of the distribution over).

How to report RMD when taking more than the rquired amount?

If you withdrew the money and spent it, you don't have to do anything special.  You can always take more than the minimum, at any time for any reason.

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