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Is it necessary to provide the portion of a regular monthly payment from a retirement plan that is an RMD? TurboTax has never (in 20 years) asked this question?

 
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2 Replies
JamesG1
Expert Alumni

Is it necessary to provide the portion of a regular monthly payment from a retirement plan that is an RMD? TurboTax has never (in 20 years) asked this question?

You should have received a Form 1099-R for your required minimum distribution (RMD). Enter it like any other 1099-R.  As long as the amount of the distribution is at least the RMD amount, you don't have to do anything special.

 

After you finish entering the 1099-R, continue through the TurboTax screens. You will come to a screen that asks you if the distribution was an RMD.

 

Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 70 1/2 years old, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.

 

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Is it necessary to provide the portion of a regular monthly payment from a retirement plan that is an RMD? TurboTax has never (in 20 years) asked this question?

The monthly payment you get from a pension plan is all RMD.
It has to be.

Look at it this way, if you got less you'd be complaining right?

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