Filing joint return and took all of wife ira in 2017 - both over 80 years old. Turbo said we must pay a penalty for withdrawing more than the MRD. Is this correct?

[SweetieJean]

or is it a penalty for underpayment of estimated taxes?

[SweetieJean]

What about you? Did you take your own RMD? You cannot satisfy yours from her IRA.

[CarolC]

@robert.necessary Great points from @SweetieJean.  Also, you can double check that your Date of Birth entries are correct as well.

[CarolC · Accepted solution]

No, that is not correct.  You should not pay an early distribution penalty.  You are allowed to withdraw more than the minimum required amount - including the entire IRA account.  Try reviewing your answers to this part of the tax return and double check your entries.

See the TurboTax FAQ below for more information on Required Minimum Distributions.

https://ttlc.intuit.com/replies/3302117