RMD for 401K - How to Determine

[chcalissie620]

I took out more than my RMD for several 401K plans.  Besides calling the company that took care of the 401K, how do I determine which part of the withdrawal was the RMD?

Claudia Henderson Smith

[ColeenD3]

In general, what you receive each year satisfies your RMD. It is the plan administrator's job to calculate the amounts.

All retirement accounts, even pensions and annuities, must meet the RMD requirements.

However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically (in your case monthly.  Therefore, you may simply select "yes" to the RMD question (Was this withdrawal RMD and all of this was RMD).  You will also be asked if the amount reported is paid periodically in equal amounts.  By selecting "yes" the RMD requirements are met and you may continue with the tax preparation.

[macuser_22]

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@chcalissie620 wrote:

I took out more than my RMD for several 401K plans.  Besides calling the company that took care of the 401K, how do I determine which part of the withdrawal was the RMD?

Claudia Henderson Smith

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How do you know you took *more* than the RMD if you don't know how much the RMD is?

See this IRS article:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-di...

Unless you took the RMD part in cash and rolled the excess into another retirement plan then just say that it was ALL a RMD.    As long as the amount of RMD was taken then  the actual amount of the RMD is only needed to calculate how much of the distribution that is an *excess* can be rolled over.    If no rollover, then the actual RMD amount is immaterial, so there is no need to calculate it.

[fanfare]

See IRS Pub 590B to learn how to calculate the exact  RMD on your tax deferred plan (IRA or 401k).

[fanfare]

If you don't plan to rollover the excess, it doesn't matter, just say ALL or 100%.