Required minimum distributions,
commonly known as RMD, must begin after you reach age 70 1/2. Retirement
plan administrators meet requirements by determining a substantial equal
monthly amount based on expected life. Or in the case of death, the whole amount could be distributed.
You generally have to take an
RMD from any retirement account to which you have made tax-deferred
contributions or had tax-deferred earnings. These accounts include:
- Traditional
IRAs
- SEP IRAs
- SIMPLE
IRAs
- 401(k),
403(b) and 457 retirement plans
- Pension
and profit sharing plans
- Inherited
beneficiary qualified accounts
Nothing about a RMD goes on the tax return whatsoever. The
only reason for the questions is to see if there should be a penalty for
failing to take the RMD. (see image attached)