Question

Under Any Periodic Payments, TSP, if received monthly RMD is the answer to the question yes I got regular payments from this retirement account?

Forum|Forum|5 years ago
March 12, 2021
2 replies
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TurboTax Deluxe Online

Yes, you are correct.

If you receive your retirement in monthly installments, all payments received are considered as RMDs.

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D

dmertz

Employee

TurboTax is actually asking if you received these distributions as an annuity in payout status. If not received as an annuity, answer No.

TurboTax only asks this question as part off determining whether or not to offer you the option to calculate the taxable amount using the Simplified Method. You should only be using the Simplified Method if you have after-tax money in the plan and the taxable amount reported on box 2a of the Form 1099-R is blank and box 2b Taxable amount not determined is marked or the amount in box 2a is known to be incorrect.