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jrippy2
New Member

How do I know if required minimum distribution was withdrawn from my retirement?

 
3 Replies
VolvoGirl
Level 15

How do I know if required minimum distribution was withdrawn from my retirement?

Are you getting pension checks?  If you are 70 1/2 or older it will ask if you took the RMD.  Say yes for pensions.  Anything your pension pays you is considered to be the full RMD.

Coleen3
Intuit Alumni

How do I know if required minimum distribution was withdrawn from my retirement?

You can check with your administrator, but if there was a distribution, it is likely to have been your RMD.

For pension distribution, the RMD is satisfied by simply receiving pension periodically. Under the law it is a required distribution.  Indicate that it is all RMD and his entire RMD with respect to this pension. Therefore, 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

When referring to a retirement account, MRD stands for minimum required distributions, which are mandatory withdrawals you must take from certain retirement accounts after you reach age 70 1/2. If you have reached this age, and you have one of the following accounts, you would need to consult with the account provider to ensure, you are receiving the proper amount to comply.

Basically, MRD requirements apply to any accounts that you contributed to on a pre-tax basis, or that contain tax-deferred investment gains. This includes, but is not limited to:

These minimum distribution rules apply to:

  • traditional IRAs
  • SEP IRAs
  • SIMPLE IRAs
  • 401(k) plans
  • 403(b) plans
  • 457(b) plans
  • profit sharing plans
  • other defined contribution plans

asgoodasitgets680
Returning Member

How do I know if required minimum distribution was withdrawn from my retirement?

I have an Equitable Accumulator Annuity that was established by transferring  funds from a traditional IRA account.  I have exercised an option of the Annuity that provides life time guaranteed monthly income.  On tax year 2020  the 1099-R block 7 reflects Normal distribution code of 7 with an X in the block of IRA/SEP/Simple.  My question is how does this guaranteed monthly income impact minimum RMD of other IRA accounts?  Charles Schwab is advising that I need to have minimum RMD and a flexible retirement annuity with USAA Insurance is also that I need a required minimum distribution.  Am not sure that I need to have minimum RMD from all retirement accounts ?   

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