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How can I determine what the RMD should be? Since we get a payment every month, it was assumed these payments would cover the RMD

 
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3 Replies

How can I determine what the RMD should be? Since we get a payment every month, it was assumed these payments would cover the RMD

If you are entering a 1099R for a pension, a pension fulfills the requirements for RMD so you say it was all an RMD.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

How can I determine what the RMD should be? Since we get a payment every month, it was assumed these payments would cover the RMD

Are these pension payments?  If so, then the total amount received, shown in box 1 of the Form 1099-R, for the year is the RMD.

LaShaunA3
Employee Tax Expert

How can I determine what the RMD should be? Since we get a payment every month, it was assumed these payments would cover the RMD

To figure out your RMD, look at how much money was in your account on December 31 of the prior year. Then divide that amount by the applicable IRS life expectancy factor from the Uniform Lifetime Table

 

If you received a pension, it generally satisfies the requirements for RMD. Most pensions are set up to automatically pay you at least the required minimum amount each year, so you typically don’t have to calculate an RMD yourself.

 

However, if you also have other retirement accounts like a traditional IRA or 401(k), those each have their own RMD rules and must be checked separately.

 

For more information, see

Retirement topics - Required minimum distributions (RMDs)

 

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