I am the beneficiary of a pension account of a friend who passed away in 2010. She was born in 1940, I am (65) Do I need to take a RMD because she would be over 70 ?

buckeyesportsnut · ‎June 4, 2019

macuser_22 · ‎June 4, 2019

Virtually all pension plans in existence today fall under section 401 of the tax code and they all require RMD's after age 70 1/2. The question is just to be sure that the requirement was met. If you receive periodic (monthly) payments from any pension plan you can be assured that the custodian of the plan is meeting the requirements so you can safely answer "yes" to the question.

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD.

https://ttlc.intuit.com/replies/3302117

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

MaryK1 · ‎June 4, 2019

Yes, you are required to take RMD

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

buckeyesportsnut · ‎June 4, 2019

What do I do if I did not take any RMD in 2017 due to ignorance?

fanfare · ‎June 4, 2019

are you getting a monthly check ?

macuser_22 · ‎June 4, 2019

Exactly what type of retirement plan did you inherit?
Did you receive a 1099-R? If so what code in in box 4 and is the IRA/SEP/SIMPLE box checked?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

buckeyesportsnut · ‎June 4, 2019

Yes I received a1099R with box 4 says 0. I pay income tax on it at the end of the each year. I get a monthly distribution and the box for IRA/SEP/Simple is not checked. Thank you so much for your help. I do not think I have to take RMD but the way turbo tax asked the question from the lump sum is confusing.

buckeyesportsnut · ‎June 4, 2019

Yes I get a monthly check and it is a retirement account from a hospital we both worked for.

macuser_22 · ‎June 4, 2019

Sorry typo, I meant what code is in box 7?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

buckeyesportsnut · ‎June 4, 2019

Box 7 is 4 and she left me this on her death since it was her pension and could be left to any beneficiary. THank you for your help

I am the beneficiary of a pension account of a friend who passed away in 2010. She was born in 1940, I am (65) Do I need to take a RMD because she would be over 70 ?

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions