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RMD from Pension does that cover RMD from IRA?
I get a RMD from my pension paid monthly. I also have IRA's. Does the amount I get from my pension cover what I have to take out of my IRA's?
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Retirement tax questions
No. For purposes of satisfying the IRA required minimum distribution rules, only distributions from IRAs count. Your pensions payments are irrelevant in this matter.
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Retirement tax questions
I had a missed RMD from an IRA. How do I enter this information in the Turbo Tax software?
In addition, I had two pensions. Are they considered RMDs? I receive monthly payments from these pensions.
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Retirement tax questions
@pipta7-97 wrote:
I had a missed RMD from an IRA. How do I enter this information in the Turbo Tax software?
In addition, I had two pensions. Are they considered RMDs? I receive monthly payments from these pensions.
Yes, pensions are RMDs. The total amount of monthly payments *is* the RMD.
First, take the missed IRA RMD ASAP so you can tell the IRS that is was taken late.
When entering the 1099-R for the pension, continue the interview after the 1099-R summary screen and it will ask if all RMD's were taken - say no.
See example on screenshots below.
That will add a 5329 form with a penalty waiver request that the IRA almost never denies if the missed RMD was taken.