I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired?

ckreeture · ‎February 1, 2020

dmertz · ‎February 1, 2020

Assuming you are asking about the pension plan provided by the employer with which you are still employed, the answer depends on the terms of the pension-plan agreement, but usually you don't have to being receiving distributions until April 1 of the year following the year you separate from service with this employer. Otherwise, yes, you must begin receiving pension distributions by April 1 of the year following the year you reach age 70½.

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KrisD15 · ‎February 1, 2020

Yes, it is by age only.

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dmertz · ‎February 1, 2020

Assuming you are asking about the pension plan provided by the employer with which you are still employed, the answer depends on the terms of the pension-plan agreement, but usually you don't have to being receiving distributions until April 1 of the year following the year you separate from service with this employer. Otherwise, yes, you must begin receiving pension distributions by April 1 of the year following the year you reach age 70½.

ckreeture · ‎February 8, 2020

Thank you. I thought that would be correct, but the Turbo Tax question left me a little unsure.

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I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired?