I have a 1099 form for a pension and the turbo tax thinks it is a 401k requiring RMD. How can I tell turbo that it is pension that does not require a RMD
I am assuming you have passed the age of 70 1/2, which is the required age for the required minimum distributions.
All retirement accounts, even pensions and annuities, must meet the RMD requirements.
However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically. You may simply select YES to the RMD question (Was this withdrawal RMD and all of this was RMD). You will also be asked if the amount reported is paid periodically in equal amounts. By selecting YES the RMD requirements are met and you may continue with the tax preparation.
I am assuming you have passed the age of 70 1/2, which is the required age for the required minimum distributions.
All retirement accounts, even pensions and annuities, must meet the RMD requirements.
However, the way the pension plans meet the RMD requirements is by creating an annuity paid periodically. You may simply select YES to the RMD question (Was this withdrawal RMD and all of this was RMD). You will also be asked if the amount reported is paid periodically in equal amounts. By selecting YES the RMD requirements are met and you may continue with the tax preparation.