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New Member
posted Jun 1, 2019 1:05:37 PM

I HAVE RECEIVED A FORM 1099R FOR A RETIREMENT FROM MY EMPLOYER, DOES THE 701/2 AGE APPLY TO MY REGULAR RETIREMENT?

DOES  THE IRS TREAT DISTRBUTIONS FROM A PENSION THE SAME AS 4O1K'S?

0 4 1798
4 Replies
Level 15
Jun 1, 2019 1:05:38 PM

Pension/retirement income is an RMD if you are age 70 1/2 or older.

Intuit Alumni
Jun 1, 2019 1:05:39 PM

Yes.

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

Intuit Alumni
Jun 1, 2019 1:05:40 PM

How can my answer be more helpful?

Returning Member
Jan 30, 2020 6:55:49 PM

Your answer did not list a "defined pension" plan as a qualified plan. Is it?

 

And if monthly payments from this pension are considered RMD's, does the IRS longevity tables apply or is 100% of the monthly payments considered the RMD?