turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have been drawing from my sivil service retitrment since 1994. Do I have an RMD portion to my retirement income?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Fern
New Member

I have been drawing from my sivil service retitrment since 1994. Do I have an RMD portion to my retirement income?

RMD is required for all retirement accounts.  That is why Turbo Tax has to ask the question.  For pensions, if it is a qualified plan, the RMD requirement is met because you are receiving periodic payments.  However, if you have the ability to control the payments amount, then you must calculate the proper RMD amount to withdraw.

If you are receiving a pension and cannot change the monthly amount, respond yes that you have taken your RMD for this retirement account.
To calculate your RMD:

Find your age in the IRS Uniform Lifetime Table (below).
Locate the corresponding life expectancy factor.
Divide your retirement account balance as of December 31 of the prior year by your life expectancy factor.

View solution in original post

1 Reply
Fern
New Member

I have been drawing from my sivil service retitrment since 1994. Do I have an RMD portion to my retirement income?

RMD is required for all retirement accounts.  That is why Turbo Tax has to ask the question.  For pensions, if it is a qualified plan, the RMD requirement is met because you are receiving periodic payments.  However, if you have the ability to control the payments amount, then you must calculate the proper RMD amount to withdraw.

If you are receiving a pension and cannot change the monthly amount, respond yes that you have taken your RMD for this retirement account.
To calculate your RMD:

Find your age in the IRS Uniform Lifetime Table (below).
Locate the corresponding life expectancy factor.
Divide your retirement account balance as of December 31 of the prior year by your life expectancy factor.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies