Cindy0H
New Member

Retirement tax questions

Since you are not 70 1/2, the RMD does not apply to you. 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.

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 in TurboTax 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.