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I have a few monthly small pensions and I am wondering if I need to take RMD's for them. I turned 72 last year.

 
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2 Replies

I have a few monthly small pensions and I am wondering if I need to take RMD's for them. I turned 72 last year.

All the pension income is an RMD if you are age 72 or older.  Just enter the Form 1099-R's as received and when asked how much was an RMD answer it was all an RMD.

SharonD007
Expert Alumni

I have a few monthly small pensions and I am wondering if I need to take RMD's for them. I turned 72 last year.

 

Yes, you must start taking RMDs from retirement plans, traditional IRA, SEP IRA, SIMPLE IRA accounts by April 1 of the year after you reach age 72 (73 in 2023). Contact your plan administrator for each of your pension plans to start your RMD withdrawals.

 

For more information, please refer to the IRS article Retirement Plan and IRA Required Minimum Distributions FAQs and the TurboTax Help article  What is a RMD?

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