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- Does a withdrawal for excess contribution count towards RMD?
Does a withdrawal for excess contribution count towards RMD?
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Dan14
Level 1
12-22-2022
03:36 PM
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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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Terry53029
Level 14
12-23-2022
08:11 AM
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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.
