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