I'm curious about inherited IRAs and RMDs. I took more than the RMD and now I'm wondering if I paid "extra" tax. Why does the fed form ask for the RMD amount? And in NJ, why does the state form ask for the total IRA holdings as of year end?

Forum|Forum|11 months ago
April 11, 2025
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MAK70

No, the required minimum distribution is the minimum amount you must start out every year. It is taxed like any other distribution, but now, after you reach 73, if you do not take the minimum out, you pay the penalty.

april15comingsooAuthor

I’m not 73 (or anywhere near). It’s an inherited IRA from a parent who was required to takes RMDs. I know I have to take an RMD (at least) and that it has to be depleted within 10 years, but the RMD is based on my own age. Thus my question about taking more than the minimum from this inherited IRA since I am not 73.

VolvoGirl

Well you pay tax on the amount you take out. So if you took out more than the RMD yes you will pay more tax. But you probably had more withholding taken out on it too.