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Dan14
Level 1
December 22, 2022

Does a withdrawal for excess contribution count towards RMD?

  • December 22, 2022
  • 1 reply
  • 5 views

My client qualifies for RMD from his SEP IRA but over contributed to the IRA in 2021.  The excess contribution was distributed in 2022.  Does that distribution satisfy the 2022 RMD?

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    1 reply

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    December 23, 2022

    Wouldn't think so, as it was not a distribution, but removing funds that didn't belong there in the first place. The reason for RMD's is to start paying tax on funds that have been tax deferred.

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