How do I figure out the RMD on my 1099? How do I know if it applies to me and if it is whole or partial? Where do I find this information on the RMD?

therealistbih — Tue, 04 Jun 2019 20:01:57 GMT

Is this a pension or IRA distribution?

MichaelDC — Tue, 04 Jun 2019 20:01:58 GMT

Is this a pension or IRA distribution?

RMD stands for Required Minimum Distribution. It's the mi...

MichaelDC — Tue, 04 Jun 2019 20:02:00 GMT

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.

For pension distributions, the RMD is satisfied by simply receiving pension periodically.

You may 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.

topic How do I figure out the RMD on my 1099? How do I know if it applies to me and if it is whole or partial? Where do I find this information on the RMD? in Retirement tax questions

How do I figure out the RMD on my 1099? How do I know if it applies to me and if it is whole or partial? Where do I find this information on the RMD?

Is this a pension or IRA distribution?

RMD stands for Required Minimum Distribution. It's the mi...