My retirement income is a result of a divorce agreement giving me a percentage of my ex-husband's school retirement until my death. I don't know how to answer the RMD question si-ce I've been receiving this income for several years. I am 72-1/2 years old
You'll need to sign in or create an account to connect with an expert.
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.
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 are not required for Roth IRAs while the owner is still alive.
Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 70 1/2 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Repoman1984
Level 2
moraedson1604
New Member
dhurdle
New Member
deertracksdesigns
New Member
osirhc
Level 1