Hi_
-I took an early retirement from my job right before CV19 (not knowing that was coming either, other reasons) and then CV19 started and as of April 2020 I needed to take money from my 401K savings to survive (still taking $$ from 401K- Not employed). I started taking a set amount/month as of that month and since I have changed the monthly $$s a few times, per my needs.
Every time I get to this *question, while doing my taxes on TurTx, which I have been using for the past 12/13 years or longer, I feel I am not understanding it or checked off per my take of its explanation box as my answer (No).
I hope it is not an item that impacts (ed) my tax form, which I am not sure if it does, but it is a new question, as of 2020 tax year, due to taking monthly withdrawals from my 401K and being a retiree.
On the form on TurTx:
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*Q:
“Did you receive payments from this retirement acct. on a regular basis, such as monthly, quarterly or annually?
The Help (Learn More) Box:
Periodic Payments:
>Funds that you receive at regular intervals (weekly, monthly, quarterly, annually) over a predetermined period of time, for example, 15 years, or for life.
>Equal periodic payments are annual withdrawals that you make from a pension plan or 401(k) plan. The amount you withdraw is calculated so that the funds last throughout your expected lifetime.
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-Receiving the monthly over a predetermined period of time…, that was not so much my aim at the time_I just started with an amount that I needed to survive and adjusted as I went on since that April (Re: item 1 on the Help Box)
Or
I did not calculate as such that the acct lasts me for my expected lifetime or am taking fund on annual basis (Re: item 2 on the Help Box)
Perhaps I am looking into this too deep or by saying NO I feel (felt) that answer applies.
Any assistance to understand and apply my best answer is appreciated_
Thank you much.
M_
>>If the answer s/d be a YES, do I have to adjust last 2 years’ returns? I hope not!
