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Get your taxes done using TurboTax
Once you reach age 72, the RMD question is asked about every 1099-R form that is entered.
For pensions, where you have no control over the $$ amount sent, you just indicate that it was an RMD, and that all of it was an RMD.
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Why can't TTX bypass that for fixed pensions/annuities?
There is no easy way for the software to detect that situation. The standard 1099-R is also used for other non-IRA retirement account distributions, like a 401k/TSP funds....where the user does have to make sure they get the appropriate RMD amount.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎February 13, 2023
7:44 AM