I have a traditional pension plan from which I receive a fixed monthly amount. How do I answer the RMD question? There is nothing designated as RMD on the Form 1099-R.

[bill-elliott]

I have a traditional pension plan from which I receive a fixed monthly amount as long as I live and then my wife (if still alive) will receive 1/2 that amount as long as she lives.  The amount was determined at the time of my retirement based on the years of service and my salary the last 5 years.  It is not a 401k or an IRA.

  How do I answer the RMD question? There is nothing designated as RMD on the Form 1099-R.

[retiree · Accepted solution]

The IRS requires RMD amounts to be calculated starting in the year you (or your spouse) become 70 1/2. 

You do not actually show an RMD amount on your return.

When you accurately enter your 1099-R, TTax will present you with several screens pertaining to the RMD, and will ask a series of convoluted questions if your are 70 1/2 or older.  The purpose of these questions is simply to help you determine IF you have met the RMD criteria so that you can avoid the IRS penalty.


The simple answer is that RMD DOES apply to pensions, defined benefit plans, (qualified) pensions, and qualified retirement plans (per IRS regulations).  However, not to worry. Your annual pension amount is always greater than what the RMD would be, so simply answer yes. The requirement (for RMD) is not a new IRS requirement; however in 2012 TTax started asking these questions.

Some additional reading:
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---Required-Minimum-...
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Required-Minimum-Distribution-Workshe...
http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#2
    "The RMD rules apply to all employer sponsored retirement plans"
    You did not roll the money over ..... You did something other than roll it over.

(Please note that the links may 'appear' to be truncated, however they will
work if you hover your mouse over the link you will see the full link.)


https://ttlc.intuit.com/questions/1901335-is-this-an-rmd

[aarmstro2]

Why$Warum72zip

[aarmstro2]

I have a pension.  The 1099 does not specify what the RMD is. How do I answer the question of "How much of the $XXXXX received applies to the RMD?"

[SteamTrain · Accepted solution]

@aarmstro2 

IF it is a pension you have been receiving already, where you receive regular/monthly payments every year...and are just getting what the pension administrator provides to you....then the total amount is exactly your RMD...  no more-no less.

The only time the RMD would be less than the distribution...is if they allowed you to take EXTRA out of it at your request.

_______________________________

The only other times you have to be careful about RMDs (if it wasn't inherited) is for things like 401k, TSP, and IRA accounts, where YOU tell the provider how much you want to take out.  That amount might be more....or less than the required RMD....unless you carefully arranged it to be exactly the RMD for your age.