topic Re: RMD for 401K - How to Determine in Retirement tax questions

RMD for 401K - How to Determine

chcalissie620 — Sat, 21 Mar 2020 14:55:33 GMT

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

Re: RMD for 401K - How to Determine

ColeenD3 — Sat, 21 Mar 2020 15:15:22 GMT

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.

Re: RMD for 401K - How to Determine

macuser_22 — Sat, 21 Mar 2020 15:25:18 GMT

@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

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-distributions-rmds

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.

Re: RMD for 401K - How to Determine

fanfare — Sat, 21 Mar 2020 15:23:28 GMT

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

Re: RMD for 401K - How to Determine

fanfare — Sat, 21 Mar 2020 15:24:28 GMT

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