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Are the yearly 401-a distibutions my retired (school teacher) wife has been getting for years considered RMDs or does it even matter?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Premier Mac

Best answer by MargaretL

Yes, they may be considered RMDs if your wife is over 10 1/2. 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. If you are asked about your wife's distribution... 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.

MargaretLAnswer

Employee

Yes, they may be considered RMDs if your wife is over 10 1/2. 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. If you are asked about your wife's distribution... 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.