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Level 1

Question

RMD

Forum|Forum|3 years ago
January 27, 2023
1 reply
4 views

I am 72 and my total annual withdrawals exceeds the minimum RMD. So how do I answer the question regarding RMD? It says by April 1st I have to start taking RMD but in reality every month what I take is in excess of the requirement and in total for the year it does.

Level 15

You would answer yes to the question regarding RMD.

The answer to your question is not shown on your tax return. It is simply to make sure that you do not have a penalty for not taking the RMD or using it for an ineligible rollover. The question is asked to confirm that the requirement was met.

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Level 15

you don't say but presumably you meet the RMD before Dec 31.

if you are taking money out in 2023, you are working toward meeting your 2023 RMD.

Extra money taken out in 2022 cannot be applied toward your 2023 RMD.