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My pension that I am receiving does not require a RMD but when I add it into Turbo Tax it asks me what part of the amount is an RMD, what should I do about that?

I checked with my company that I am receiving my retirement benefits from and they said there is no way to calculate what the RMD is, there is no required RMD from my pay but I don't know how to proceed in Turbo Tax because it asks what part of the pay is an RMD.
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2 Replies

My pension that I am receiving does not require a RMD but when I add it into Turbo Tax it asks me what part of the amount is an RMD, what should I do about that?

While the plan might not call them RMDs, they are indeed required distributions under the tax code, so the entire amount is RMD.  Being an RMD simply means that these distributions are not eligible for rollover.

 

Say all of it is the RMD.  If you are 72  it will ask you if it is the RMD.  Say yes.  Anything your pension pays you is considered to be the  RMD.  Traditional pensions automatically fulfill the rules of an RMD.

DaveF1006
Expert Alumni

My pension that I am receiving does not require a RMD but when I add it into Turbo Tax it asks me what part of the amount is an RMD, what should I do about that?

It depends. If you are certain there is no RMD requirement, you may indicate this in your return when you reach the following screen.

 

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