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

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

Is my retirement from the Catholic Diocese for LAY EMPLOYEES an RMD? I get the same amount every month for life.

 
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.

2 Replies
BillM223
Expert Alumni

Is my retirement from the Catholic Diocese for LAY EMPLOYEES an RMD? I get the same amount every month for life.

RMDs are for IRAs and SEP-IRAs and similar accounts. RMDs are not normally needed for qualified plans (401(k), 457(b), etc) because the size of your regular distribution was determined by the plan administrator to include any RMD.

 

On your 1099-R, is the little box between box 7 and 8 which stays "IRS/SEP/SIMPLE" checked? If not, then the distribution is from a qualified plan, and you don't normally worry about the RMD in this case.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Is my retirement from the Catholic Diocese for LAY EMPLOYEES an RMD? I get the same amount every month for life.

If you are asked, say "yes".  

 

The purpose of the RMD rule is to make sure you spend your tax-advantaged retirement fund over your own life instead of leaving a giant tax-deferred account to your heirs.  Since any traditional pension is based on your life expectancy, it already meets the conditions to be counted as an RMD.

 

I don't know enough about the 1099-R form to know why this question is being triggered by a traditional pension, but you can safely answer yes, your pension is an RMD. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question