rmd distribution

I have 2 similar accounts I take distribution from. One account greatly exceeds rmd. The other is short. The total rmd amount is greater than required. Is this correct and penalties do not apply?

posted

Yes you are correct. You can take distributions from any retirement account (IRA or 401(k) and as long as the total distribution exceeds your total RMDs, you have satisfied the requirement.

In any case, RMDs have been waived for tax year 2020.

Please read this IRS document for more information.

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Aggregation of RMDs only applies to IRAs for IRA RMDs and 403(b) plans for 403(b) RMDs. RMDs for each 401(k) plan, 457(b) plan and the federal TSP must be satisfied from it's own plan.