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I turned 71 in Nov. Have gotten periodic payments from pension plans/IRAs for years. Do I mark no part of distributions went to RMD, as pension admin.said to do? Worried.

 
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TomD8
Level 15

I turned 71 in Nov. Have gotten periodic payments from pension plans/IRAs for years. Do I mark no part of distributions went to RMD, as pension admin.said to do? Worried.

If you receive a monthly pension, ALL the RMD for the pension is included in that.

If you receive IRA distributions, the RMD is normally calculated by the IRA custodian.  Check with your IRA custodian as to whether your 2016 IRA distributions covered your RMD. 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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3 Replies
TomD8
Level 15

I turned 71 in Nov. Have gotten periodic payments from pension plans/IRAs for years. Do I mark no part of distributions went to RMD, as pension admin.said to do? Worried.

If you receive a monthly pension, ALL the RMD for the pension is included in that.

If you receive IRA distributions, the RMD is normally calculated by the IRA custodian.  Check with your IRA custodian as to whether your 2016 IRA distributions covered your RMD. 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

I turned 71 in Nov. Have gotten periodic payments from pension plans/IRAs for years. Do I mark no part of distributions went to RMD, as pension admin.said to do? Worried.

I should have explained better--I do not know how to answer the screen "About this Retirement Account"/"Was this withdrawal an RMD?" Do I answer Yes, some or all of this withdrawal was an RMD? Or No, none of this withdrawal was an RMD? The pension admin. said to answer no because I get monthly distributions. I didn't ask the IRA admin. but assumed the answer would also be no there.  I am sure the RMD is covered for all five plans; I have no concerns about that. Thanks.
TomD8
Level 15

I turned 71 in Nov. Have gotten periodic payments from pension plans/IRAs for years. Do I mark no part of distributions went to RMD, as pension admin.said to do? Worried.

The pension administrator is wrong.  Once you pass age 70 1/2, a monthly pension from a previous employer automatically satisfies the RMD requirement, and you should answer the RMD questions Yes.
With an IRA distribution, the RMD may or may not have been fully satisfied.  The IRA custodian will tell you.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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