What are the tax consequences of receiving an RMD?

All RMD amounts are taxable in the year in which they are distributed.

On the RMD Election Form (code TD39), members may elect the percentage of the RMD amount to be withheld for federal taxes; the percentage must be a whole number from 0 to 100.
In the case of a new Direct Withdrawal(s) taking in the same year, to satisfy the RMD sum, 20% withholding will be applied to any amounts distributed.
In the event you have missed the deadline to elect the RMD tax withholding percentage and distribution date, your RMD will still be disbursed by TRS, at the end of the year and the automatic tax withheld will be 10%.

It is important to note that the IRS imposes a 50% excise tax on any amounts that are required to be distributed for a given year, but are not.