My retirement pension was recently converted to an annualized annuity. How do I determine what the RMD is for this annuity? Is it just the total of payments I receive during the year? I understand that under changes made in the SECURE 2.0 act, that if the payments exceed the RMD amount due, I can use the excess to offset the RMD due from my other retirements accounts.
"the payments exceed the RMD amount due, "
can't happen with an annuity, so no help there.
My info was based on this reply I received from Google:
Under the SECURE 2.0 Act, if your annuity payments exceed your RMD for that contract, the excess can be applied toward RMDs for other accounts, such as an IRA.
And this from Fidelity:
"the payments exceed the RMD amount due"
not clear to me how that can happen with an annuity.
contact your financial institution for possible scenarios.