My pension plan is not an IRA
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rlseks1967
Returning Member

My pension plan is not an IRA

The IRA box is not checked on my 1099R as it is a pension plan, not an IRA. I assume that it's a "qualified plan". Yet, Turbo Tax is saying I need to pay a RMD. How do I get past this?

6 Replies
DoninGA
Level 15

My pension plan is not an IRA

If you are age 70 1/2 or older in 2019 then all of your pension income is an RMD.

rlseks1967
Returning Member

My pension plan is not an IRA

First, thank you VERY much for your help!! I have struggled over this a long time!
 
Yes I am over that age. So how do I answer the question from Turbo Tax: "Was this withdrawal an RMD for 2019?". The answers that I can choose from are:
1) Yes, all or some of this withdrawal was an RMD
or
2) No, none of this withdrawal was an RMD
 
If I choose #1 ... the next screen asks "Tell us how much of the $_______  MY NAME received is applies to the RMD that needed to be taken out. The options for answers are:
1) All of this distribution was an RMD
2) Part of this distribution was an RMD
 
BASED on your reply, I assume that I check #1 for both questions. Is that correct?
DoninGA
Level 15

My pension plan is not an IRA

@rlseks1967 Yes, you are correct.

rlseks1967
Returning Member

My pension plan is not an IRA

Thank you!!!

Opus 17
Level 15

My pension plan is not an IRA

The concept of an RMD is to make you withdraw money from your tax-privileged retirement account so that you can’t use it purely as a way to pass tax-free assets to your children.  The amount of the RMD is based on the size of the account and your life expectancy.  Since a traditional pension benefit is also based on your life expectancy, traditional pension payments automatically meet the rules for an RMD.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
rlseks1967
Returning Member

My pension plan is not an IRA

 
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