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Level 2

Question

Military pension

Forum|Forum|5 years ago
February 1, 2021
2 replies
18 views

I have a military pension and a civil service pension. I labeled them both as "nonqualified" pension plans. Now the program wants to know if I took an RMD and says I must. What is wrong?

Level 13

Nothing is wrong with - both pensions comply with the RMD rules, and the entire amount of each is considered an RMD.

All retirement accounts, even pensions, must meet the RMD requirements. However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically (in your case monthly. 

When asked "Is any part of this distribution an RMD?", the answer is "Yes". When asked "How much of the distribution was an RMD?", the answer is "All of it".

(First, please be sure that the IRA box is not checked in your data entry)

Level 2

Thank you, ToddL99! That took care of the issue.