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Have 1099-r from OPM. Have been receiving monthly payments from retirement account. Turned 70 1/2 during 2017. Turbo Tax asks how much of the distribution was RMD?
With annuity payment from OPM (federal retirement), is there a RMD since there are monthly payments made?
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June 4, 2019
12:59 PM
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Retirement tax questions
Answer "Yes" it is a RMD and "All is RMD"
As you are receiving monthly pension checks you are meeting the requirements for the RMD.
Technically, any monthly pension payment is considered a Required Minimum Distribution (RMD) and the entire amount is an RMD. That is how you need to answer the questions. Therefore, you may simply select "yes" to the RMD 1st question. You will also be asked if the amount reported is paid periodically in equal amounts. By selecting "yes" the RMD requirements are met and you may continue with the tax preparation.
June 4, 2019
12:59 PM
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