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How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

 
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8 Replies

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

Why do you think it is treated like an inherited IRA?
**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.**

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

It says: About This Inherited Retirement Account...and asks whether it was taken as an RMD.

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

What code is in box 7?
Is the IRA/SEP/SIMPLE box checked?
**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.**

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

Box 7 code is 4 (death)

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

That *is* an inherited account and is subject to an RMD if the deceased would have been 70 1/2 if they has lived, or you are 70 1/2
**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.**

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

It is an inherited pension, not an inherited IRA, as the software says...

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

Right - same answer -   subject to an RMD if the deceased would have been 70 1/2 if they has lived, or you are 70 1/2
**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.**

How do I get the software to recognize my 1099-R as pension income rather than an inherited IRA? I don't want my account flagged, incorrectly, for not taking RMDs.

Virtually all pension plans, defined benefit plans, and annuities in existence today fall under section 401 of the tax code.

Required minimum distributions for defined benefit plans and annuity contracts all require RMD's after age 70 1/2.  If you receive periodic (monthly) payments from any pension plan you can be assured that the custodian of the plan is meeting the requirements so you can safely answer "yes" to the question.

The rules that the plan administrator must use to calculate the RMD as required by §401(a)(9) are defined in § 1.401(a)(9)-6) of the Internal Revenue Code (IRC).

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

The question is just to be sure that the requirement was met.

https://ttlc.intuit.com/replies/3302117

**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.**
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