I also, have another question regarding HSA.  My e...
New Member

Retired before age 70 1/2 from public retirement system. TT is asking if the distribution is an RMD. How should I respond to this question?

Both my husband and I retired before age 70 1/2 and began receiving monthly pension benefit payments. 

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New Member

Retirement tax questions

What is your age at the end of 2018?
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New Member

Retirement tax questions

I was 70, my husband was 71 at the end of 2018 , but he retired in 2007.
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New Member

Retirement tax questions

I retired September 1, 2018
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New Member

Retirement tax questions

I also, have another question regarding HSA.  My employer went to a HD insurance plan and mandated that all employees had to open an HSA Account, only to later rescind that if an employee had signed up for Medicare, which I had when I became eligible.  I contributed $800 to the HSA account and later closed it and was refunded my payroll deposit of $800.  Is this going to result in a penalty.
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New Member

Retirement tax questions

No, you took the money out in a timely basis.
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Level 15

Retirement tax questions

If you are 70 1/2 it will ask you if it is the RMD.  Say yes.  Anything your pension pays you is considered to be the  RMD.
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New Member

Retirement tax questions

Neither is an RMD for 2018.

RMDs are required once you reach age 70 1/2. The distribution is not considered one until then.

RMD stands for Required Minimum Distribution. It's the minimum amount of money you're required to take out of your retirement plan once you turn 70 1/2.

RMD rules apply to all employer-sponsored retirement plans such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as Traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs. However, RMDs are not required for Roth IRAs while the owner is still alive.

Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 70 1/2 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.


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