My pension payments began when I was 65. Are they now considered RMDs?
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Since you are not 70 1/2, the RMD does not apply to you. RMD stands for Required Minimum Distribution. It's the minimum amount of money you're required to take out of your retirement plan once you turn 70 1/2.
Virtually all pension plans in existence today fall under section 401 of the tax code and they all require RMD's after age 70 1/2. The question in TurboTax is just to be sure that the requirement was met. If you receive periodic (monthly) payments from any pension plan you can be assured that the custodian of the plan is meeting the requirements so you can safely answer "yes" to the question.
TurboTax now wants to know how much of the money I received in my pension was RMD money. It's never asked this before. I have no idea and shouldn't have to.
@BobRay wrote:
TurboTax now wants to know how much of the money I received in my pension was RMD money. It's never asked this before. I have no idea and shouldn't have to.
If you are age 70 1/2 or older then all of the pension income is an RMD.
Are pension plans considered an rmd?
@mlee94707 wrote:
Are pension plans considered an rmd?
The pension plan as an RMD, No. The income form a pension/retirement plan if you are age 70 1/2 or older, Yes all the pension/retirement income is an RMD.
the answer isnt clear to me. It says both yes and no.
Is a pension distribution part or all RMD for someone who is 90 years old?
Thank you
Say all of it is the RMD. If you are 70 1/2 it will ask you if it is the RMD. Say yes. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD.
Does the age for the RMD depend on the year one was born? Recently spoke to an advisor where i rolled a pension into another traditional IRA, i was told at age 72 i would need to make sure i am meeting the RMD's between the two pensions.
Beginning date for your first required minimum distribution
You reach age 70½ on the date that is 6 calendar months after your 70th birthday.
Required Minimum Distributions (RMDs)
Turbo tax's answers are: 1/ the RMD applies to the whole plan; 2/ the RMD applies to part of the plan; 3/ the RMD applies to none of the plan. So what is the answer? There is not a yes or no answer???? So, if you have reached the age of 72, what answer applies???
For most taxpayers the answer will be "All" is RMD after age 72. However, taxpayers who have a 403B plan with pre-1987 contributions that have and are being tracked in the account, then RMD will not apply to the pre-1987 contributions until age 75. Therefore there could be situations when part of the plan has RMD applied and part does not. Additionally, if all the 403B plan contributions are pre-1987 and the taxpayer is not age 75 yet then none of the plan has RMD.
Your plan administator can provide the answers for you and your plan if the 403B situation applies.
Here is a link with more details.
It can't be both no and yes. and if no, it can't be ALL. When entering our city pensions, TT asks if the "withdrawal" was an RMD? Then it asks how much of it was RMD. I have a private retirement account, and that fund contacts us and we determine how much to take out each year to meet minimums. However, one does not dictate to the city or state regarding city/state "pensions". Nor does the city/state pension administrator contact us to select how much we want to take out to meet minimums. We don't have a say in that. Is TT not aware that pensions from city/state are run by pension administrators, and we have no communication with them about our pensions and RMD.? Nor are we told how much of our pension is RMD. TT needs to rethink and rework this question, as we are not sure what the answers are, nor do we need issues with the IRS.
A "City" Pension is not an IRA, not a 401, and not a Roth. It is a City Government Pension, that has a Pension Administrator. We who receive the City Government Pension have no say so as to what our yearly or monthly minimum distribution amounts/checks are. Yes, we have private retirement accounts where the Fund contacts us and we make decisions on what the minimum distributions are. That is a RMD and I can see that my answer for that 1099-R is going to be YES it is an RMD, and "ALL" of it RMD. However, as in this thread and others I have read, some say YES and ALL, Some say yes and 0, And some say NO and 0. The question regarding a City Government Pension, administered by a city pension administrator, and one that is not a private IRA, 401, or Roth. So how is the TT question answered? YES and ALL or NO and 0? No one needs to get into an issue with the IRS over a poorly worded question, and one that could apply to many kinds of 1099-R's. Thanks to all...... Perhaps a tx expert in this field could provide some incite.
Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 72 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.
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