I searched TurboTax forum and found TWO posts that seems to match my question, with two CONTRADICTING answers from Level 15 users (possibly TurboTax employees?), so I would like to lay it all out here and find out this answer.
I'm 72 and retired with a 401k. I'm of the age where I'm getting an RMD every year. I have to call Fidelity to remind them to do it every year. It happens EVERY year, but NOT necessarily on the same exact DATE every year. Fidelity calculates the amount the RMD should be THEMSELVES to be in line with whatever the IRS wants, I don't choose it, and I DON'T think it's the EXACT same dollar amount either every year.
TurboTax asks me "ANY PERIODIC PAYMENTS? Did you receive payments from this retirement account on a regular basis, such as monthly, quarterly or annually?"
There are 2 choices:
"Yes, I got regular periodic payments from this retirement account"
"No, I didn't get regular periodic payments from this retirement account"
What do I do? It is not clear to anyone whether TurboTax is thinking of a SEPP, if I am personally doing a SEPP, or what TurboTax is thinking when they ask this question.
Here is what the help file says to clarify the question:
"Periodic Payments
Funds that you receive at regular intervals (weekly, monthly, quarterly, annually) over a predetermined period of time, for example, 15 years, or for life.
Equal periodic payments are annual withdrawals that you make from a pension plan or 401(k) plan. The amount you withdraw is calculated so that the funds last throughout your expected lifetime."
Thank you for looking into this.
