How do I tell TurboTax that the 1099-R is for my Pension and not an IRA distribution?

[Fern · Accepted solution]

Make sure that the IRA SEP SIMPLE box is not checked (next to box 7). If this is blank, the program does not assume the distribution is from an IRA.

If your question is about requiring to complete the RMD information, RMD is required for all retirement accounts.  That is why Turbo Tax has to ask the question, even for pensions.

For pensions, if it is a qualified plan, the RMD requirement is met because you are receiving periodic payments.  However, if you have the ability to control the payments amount, then you must calculate the proper RMD amount to withdraw.

If you are receiving a pension and cannot change the monthly amount, respond yes that you have taken your RMD for this retirement account.

[big_mama_d]

TT still wants to know the RMD amount from my pension & i cannot get info on the amount 'bause of monthly payments

[macuser_22]

Virtually all pension plans in existence today fall under section 401 of the tax code and they all require RMD's after age 70 1/2.  The question is just to be sure that the requirement was met.  If you receive periodic (monthly) payments from any pension plan you can be assured that the custodian of the plan is meeting the requirements so you can safely answer "yes" to the question.

The answer to the question does not go on your tax return, it is simply to make sure you do not owe any penalty for not taking the RMD or use it for an ineligible rollover.

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[jetia5609]

had no 401 when I retired so question about RMD confuse me.  It's just a simple company pension plan.  If turbo keeps rejecting my information, I'll have to switch to another company.  Was a lot easier to fill out a paper form.