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?
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.