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Retirement tax questions
TurboTax will start asking that once you reach age 70.5 (or perhaps 72 now).
For a standard pension sent monthly...it's still an RMD, and all of it is an RMD.....you just have no control over it. The issuer is responsible for ensuring it meets the proper IRS guidelines. Being an RMD, it is not eligible for a rollover to another retirement account. Whereas, 401k, IRA, TSP distributions, just for 2020, are not RMDs even if they normally would have been required.....and these can be rolled back..... where normally that would not be allowed.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎February 17, 2021
1:19 PM
2,345 Views