Yes, you do have to take RMD. However, your RMD is satisfied by receiving your payments periodically.
All retirement accounts, even pensions and annuities, must meet the RMD requirements.However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically. In TurboTax, you may simply select YES to the RMD question (Was this withdrawal RMD and all of this was RMD). 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.
Yes, you do have to take RMD. However, your RMD is satisfied by receiving your payments periodically.
All retirement accounts, even pensions and annuities, must meet the RMD requirements.However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically. In TurboTax, you may simply select YES to the RMD question (Was this withdrawal RMD and all of this was RMD). 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.