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New Member
posted Feb 17, 2021 1:02:15 PM

Required minimum distribution: I don't know what the heck they are talking about.

And I do Not have an IRA.  All I have is One pay day Once per month from OPM.

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2 Replies
Level 15
Feb 17, 2021 1:19:06 PM

TurboTax will start asking that once you reach age 70.5 (or perhaps 72 now).

 

For a standard pension sent monthly...it's still an RMD, and all of it is an RMD.....you just have no control over it.  The issuer is responsible for ensuring it meets the proper IRS guidelines.  Being an RMD, it is not eligible for a rollover to another retirement account.   Whereas, 401k, IRA, TSP distributions, just for 2020, are not RMDs even if they normally would have been required.....and these can be rolled back..... where normally that would not be allowed.

Expert Alumni
Feb 17, 2021 1:21:59 PM

 

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 72.

 

RMD rules apply to all employer-sponsored retirement plans, such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as Traditional IRAs and IRA-based plans, such as SEPs, SARSEPs, and SIMPLE IRAs. However, RMDs aren't required for Roth IRAs while the owner is still alive.

 

RMDs were waived for 2020. If the Required Minimum Distribution does not apply to you then select none/ you were not required to take a RMD. 

 

To enter your Form from OPM:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” 
  4. On the "Who gave you a 1099-R?" screen select "Office of Personnel Management (CSA 1099-R) For U.S. Government Civil Service retiree annuity"

 

[Edited 2/17/2021 | 1:22pm PST]