topic What is pension rmd? in Retirement tax questions

What is pension rmd?

purplepalmnh — Mon, 03 Jun 2019 20:15:37 GMT

Your required minimum distribution (RMD) is the minimum a...

cameaf — Mon, 03 Jun 2019 20:15:38 GMT

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

Virtually all pension plans in existence today fall under...

macuser_22 — Mon, 03 Jun 2019 20:15:39 GMT

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.

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