What is pension rmd?

Forum|Forum|7 years ago
June 3, 2019
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cameaf

Level 8

Your required minimum distribution (RMD) is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.

See IRS link below for further information:

IRS Required Minimum Distribution

macuser_22

Alumni - Champ

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 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.

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD.

https://ttlc.intuit.com/replies/3302117

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**