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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.
**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.**
March 8, 2020
1:52 PM