topic I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired? in Retirement tax questions

I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired?

ckreeture — Sat, 01 Feb 2020 22:23:48 GMT

Re: I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April ...

KrisD15 — Sat, 01 Feb 2020 22:38:14 GMT

Yes, it is by age only.

Re: I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired?

dmertz — Sun, 02 Feb 2020 01:02:08 GMT

Assuming you are asking about the pension plan provided by the employer with which you are still employed, the answer depends on the terms of the pension-plan agreement, but usually you don't have to being receiving distributions until April 1 of the year following the year you separate from service with this employer. Otherwise, yes, you must begin receiving pension distributions by April 1 of the year following the year you reach age 70½.

Re: I am 70-1/2 years old. I am still employed. Do I have to take pension distributions by April 1, 2020 to avoid the 50% penalty even though I am not retired?

ckreeture — Sat, 08 Feb 2020 20:32:06 GMT

Thank you. I thought that would be correct, but the Turbo Tax question left me a little unsure.