Retirement tax questions


@sc3p wrote:

I have been receiving several monthly retirement pension distributions and two of my pension agents will not answer this tax question:  My 2019 1099R now asks for an amount for the RMD. I was able to decipher some of these RMD amounts several distributions by looking up the Fair Market Value and doing the math. However, I don't get any paperwork with other pensions to be able to figure out the "amount" of the RMD, be ti full or partial. Should I leave this blank?


*You* do not calculate the RMD.  Per the tax law, the pension payments that you receive *are* the RMD.   They can never be more (or less) than the RMD.   The pension plan trustee (or rather their computer) calculates and sends you the correct RMD amount which is your pension.

 

This is defined in the Internal Revenue Code:

https://www.law.cornell.edu/cfr/text/26/1.401(a)(9)-6

26 CFR § 1.401(a)(9)-6 - Required minimum distributions for defined benefit plans and annuity contracts.

**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.**