Question

How do I answer the question of rmd when I m asked on my civil service retirement?

Forum|Forum|5 years ago
July 10, 2020
1 reply
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I am trying to report my form CSF 1099R which has my yearly income from my survivors benefits retirement. They are asking if this is required minimum withdrawal. It never has been asked before. Now I’m confused. Can you enlighten me?

TurboTax Premier Online

macuser_22

Employee

It is always asked of you are age 70 1/2 or older.

Virtually all pension plans, defined contribution plans, and annuities in existence today fall under section 401 of the tax code.

Required minimum distributions for defined benefit plans and annuity contracts all require RMD's after age 70 1/2. 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 rules that the plan administrator must use to calculate the RMD as required by §401(a)(9) are defined in § 1.401(a)(9)-6) of the Internal Revenue Code (IRC).

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 or use it for an ineligible rollover.

The question is just to be sure that the requirement was met.

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.**