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June 6, 2019
Question

Over 70.5 and have monthly pension from Ohio State Teachers Retirement -- the question is does this money include the RMD amount? If yes, then it asks for the amount ?

  • June 6, 2019
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1 reply

Hal_Al
Employee
June 6, 2019

Answer yes. If you are over age 70-1/2, any pension, technically, has an RMD (Required Minimum Distribution) requirement. The fact that you are getting a monthly (periodic) payment meets the requirement.

Because your birth date indicates you are over 70-1/2, TurboTax asks the RMD question. Answer that question yes and that all your distribution is RMD. This will  keep TurboTax from calculating a failure to take RMD penalty. Regular periodic pension payments are the pension's own RMDs)

Even if you answered no to the RMD question , answering the later question that you are receiving periodic (monthly) distributions will  keep TurboTax from calculating the penalty.  

No where on the IRS forms is there a place that indicates whether or not RMD has been met.