`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?

His pension is a set amount for life.

1 Best answer

Accepted Solutions
Highlighted
Level 9

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?

Yes, it is considered an RMD.

For pension distribution, the RMD is satisfied by simply receiving pension periodically.  Therefore, you may simply select "yes" to the RMD question (Was this withdrawal RMD and ALL of this was RMD).  You will also be asked if the amount reported is paid periodically in equal amounts.  By selecting "yes" the RMD requirements are met and you may continue with the tax preparation.

View solution in original post

4 Replies
Highlighted
Level 9

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?

Yes, it is considered an RMD.

For pension distribution, the RMD is satisfied by simply receiving pension periodically.  Therefore, you may simply select "yes" to the RMD question (Was this withdrawal RMD and ALL of this was RMD).  You will also be asked if the amount reported is paid periodically in equal amounts.  By selecting "yes" the RMD requirements are met and you may continue with the tax preparation.

View solution in original post

Highlighted
New Member

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?

My dad receives 2 pensions -- TMRS and Teamsters.  He does not pay taxes on it.  They are not 401Ks or IRAs.  Should I still put yes to say if RMD -- and then select All.  Then it asked if it was converted or cashed out?  What is appropriate.  He is well over 70 1/2 years old.

 

Highlighted
Expert Alumni

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?

Answer yes to the RMD question.

Unless he turned around and contributed that money into an IRA or other retirement plan, he cashed it out.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
Level 15

My husband gets a Pension payment each month from the Teamsters. It is not a 401K, or IRA. We have taxes taken out before we receive it. Is this considered a RMD?


@Sprite836 wrote:

My dad receives 2 pensions -- TMRS and Teamsters.  He does not pay taxes on it.  They are not 401Ks or IRAs.  Should I still put yes to say if RMD -- and then select All.  Then it asked if it was converted or cashed out?  What is appropriate.  He is well over 70 1/2 years old.

 


For any kind of traditional pension, where the payment is determined by age and service and payments stop at death, the plan is automatically assumed to meet IRS rules for RMDs. 

*Answers are correct to the best of my ability but do not constitute legal or tax advice.*
**If a post answers your question, choose it by clicking on "Mark as Best Answer".**