You will meet the RMD requirements related to your employer pension plan distributions (see below) You will report the total for the year since the amount you receive every month is your RMD.
Since the IRS requires the reporting of all RMD payments relates to all qualified plans (and an employer pension plan falls under this category), the system will still ask about RMD (even if it does not apply to your pension distributions).
A qualified plan is a retirement plan sponsored by employers for the exclusive benefit of employees. These plans follow special IRS rules and qualify for special tax treatment, such as deferring paying taxes on the contributions until retirement.
As for the required minimum distribution (RMD), you are required to take your RMD for your IRA and 401(k) accounts. However, if you are asked a question about taking an RMD (because you meet the age requirements) from your pension when entering your pension information, the answer is "yes" that this withdrawal was an RMD and that all the distribution was an RMD (screenshot)
According to the IRS, you must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.
The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.
Please
click this link IRS
- Retirement Plan and IRA required minimum distributions for more
information.
