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.
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.