topic Re: rmd distribution in Retirement tax questions

rmd distribution

1boxboro — Thu, 04 Feb 2021 14:00:21 GMT

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?

Re: rmd distribution

MinhT1 — Thu, 04 Feb 2021 15:19:07 GMT

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.

Re: rmd distribution

dmertz — Thu, 04 Feb 2021 23:39:52 GMT

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.