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How do I determine rmd on a pension? The financial institution does not know and it's not on 1099?

 
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How do I determine rmd on a pension? The financial institution does not know and it's not on 1099?

All of the pension income is a RMD.

SabrinaD2
Employee Tax Expert

How do I determine rmd on a pension? The financial institution does not know and it's not on 1099?

To determine the Required Minimum Distribution (RMD) for your pension, follow these steps:

 

  1. Determine the balance of your pension account as of December 31 of the previous year. For this example, we'll use $200,000.
  2. Use the appropriate IRS life expectancy table. The most commonly used table is the Uniform Lifetime Table. You can find the tables here
  3. Calculate the RMD: Divide your account balance by the distribution period from the appropriate IRS life expectancy table.
    •  For example, if your account balance is $200,000 and the distribution period is 22.0 years, your RMD would be:$200,000/22.0 = $9,090.91RMD.

You can use the IRS RMD Worksheets or the Investor.gov RMD Calculator to help with the calculations

How do I determine rmd on a pension? The financial institution does not know and it's not on 1099?

No  you don't need to calculate it and do all that.  It's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount as the RMD amount. The pension doesn't need to calculate any RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD. So just enter the same amount in box 1 for the RMD for each 1099R. 

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