His pension is a set amount for life.
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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.
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.
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.
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.
@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.
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