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Level 1

Question

RMD: Full or partial distribution?

Forum|Forum|2 years ago
February 19, 2024
1 reply
3 views

How do I know if something is a full or partial distribution for an RMD?

TurboTax Deluxe Online

Level 15

Since the Plan Administrator is responsible for assuring that your full RMD is included in your distribution, you can say 'all of the distribution is RMD' in TurboTax when you enter your 1099-R, even though that is not indicated anywhere on your 1099-R.

Here's more info on What is RMD?

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Level 15

You are responsible for your own tax return and

you are responsible for assuring that your full RMD is included in your distribution,

When you have only one IRA account, you can use the RMD notification supplied by your custodian,

otherwise you must calculate it yourself using the rules in IRS Pub 590B.

Level 15

If the amount taken is less than required, that amount is still all RMD.

you will take out the remainder to eliminate any "excess accumulation" in your IRA.

there is a penalty only if you do not meet your RMD deadline.