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w-roberson
New Member

This money was monthly payments from a pension plan not an retirement account. Why is the form asking if this is a minimum distribution???

 
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MargaretL
Employee Tax Expert

This money was monthly payments from a pension plan not an retirement account. Why is the form asking if this is a minimum distribution???

I am assuming you have passed the age of 70 1/2, which is the required age for the required minimum distributions.

All retirement accounts, even pensions and annuities, must meet the RMD requirements.  

However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically.  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.

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1 Reply
MargaretL
Employee Tax Expert

This money was monthly payments from a pension plan not an retirement account. Why is the form asking if this is a minimum distribution???

I am assuming you have passed the age of 70 1/2, which is the required age for the required minimum distributions.

All retirement accounts, even pensions and annuities, must meet the RMD requirements.  

However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically.  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.

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