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jmcwhor
New Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

What do I do ?  One of the answer  indicated be sure to enter info in other then regular 1099R but how do I do this?
8 Replies
DS30
New Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

You will meet the RMD requirements related to your employer pension plan distributions (see below) You will report the total for the year since the amount you receive every month is your RMD.

Since the IRS requires the reporting of all RMD payments relates to all qualified plans (and an employer pension plan falls under this category), the system will still ask about RMD (even if it does not apply to your pension distributions).

A qualified plan is a retirement plan sponsored by employers for the exclusive benefit of employees. These plans follow special IRS rules and qualify for special tax treatment, such as deferring paying taxes on the contributions until retirement.

As for the required minimum distribution (RMD), you are required to take your RMD for your IRA and 401(k) accounts. However, if you are asked a question about taking an RMD (because you meet the age requirements) from your pension when entering your pension information, the answer is "yes" that this withdrawal was an RMD and that all the distribution was an RMD (screenshot)

According to the IRS, you must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.

The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.

Please click this link IRS - Retirement Plan and IRA required minimum distributions for more information.

Nielss2Mary
New Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

My 1099 has Box 2a blank and I don't know how to calculate the taxable amount requested later in TurboTax and I shouldn't have to pay an RMD.  It is a pension plan I have had since I retired not an annuity.

DianeC958
Expert Alumni

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

Unless you made contributions to the plan personally, not through your employer, the amount that is taxable for your 1099-R, is the amount that is reported in Box 1.

 

It does not matter that you receive monthly checks or whether you take an RMD.  TurboTax asks about you taking a RMD to see if you owe a penalty for taking the RMD.

 

@jmcwhor

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Bjreed1726
Returning Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

My retirement annuity is not subject to RMD requirements. Turbo tax keeps changing my answers. i can't get past this subject. Please help.

Bjreed1726
Returning Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

I need help please can someone contact me? phone [phone number removed].

Bjreed1726
Returning Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

Is there any way I can speak directly to someone that can help me? 

VolvoGirl
Level 15

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

If you are 70 1/2 or older it will ask if you took the RMD. Say yes for pensions. Anything your pension pays you is considered to be the full RMD.

 

FYI, if you go back and review or edit a 1099R it doesn't keep your answers from before but resets them to the defaults so you will have to enter all the boxes again and go though all the questions again.

Bjreed1726
Returning Member

My 1099-R is from a pension plan. No RMD is required. I get a monthly pension check. but Turbo Tax is indicating differently

Thank You.😀

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