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@dmertz please.
I don't know why the amount is even required, as long as you satisfy it. (If you are over age 70-1/2, you can't rollover your RMD into another plan, like a Roth IRA, so that would be one situation where Turbotax would need to know what part of the 1099-R constituted the "minimum part"; but this is an inherited pension, you say, and I don't think you can roll that over anyway?
If you withdrew $500 but received $300 after tax withholding, then the amount of your withdrawal is still $500.
TurboTax only asks how much was RMD to determine how much was eligible for rollover. If you did not roll over any of this distribution, how you answer this question doesn't matter at all; the answer you give is irrelevant to preparing your tax return. A non-spouse beneficiary is not permitted to roll over any distribution.
This is very helpful. Thanks!
Thanks!
I am receiving a monthly payment from my retirement pension. While filling out my taxes I answered that these payments med my RND for the year. How do I answer the next question as to how much of my annual income was my RND? Confused when I answered that the income did include my RND.
Thanks Dennis
RMDs were waived for 2020 and you must indicate to TurboTax that none of the distribution was RMD. This is the correct method to report it.
Actually, RMDs were waived only for nonperiodic payments. Periodic payments from pension plans are effectively still RMDs. TurboTax only asks the question to determine how much is eligible for rollover, so if you didn't roll any amount over, it doesn't matter how you answer this question presented by TurboTax. Periodic payments from pension plans are never eligible for rollover.
@Gordon7 wrote:
The 2019 edition of Turbo Tax now asks if some or all of an IMRF pension is RMD. If the answer is yes then the 2019 edition asks how much is RMD. How can I learn the correct answer?
If a pension paid in monthly payments then all of it is your RMD. That is what the pension custodian must send to you.
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