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My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

There is not a fund that she draws from like an IRA, it's just a monthly check.
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My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

Say all of it is the RMD.   If you need to start taking the RMD 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. So for the RMD question put in the same amount as box 1.

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6 Replies

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

Say all of it is the RMD.   If you need to start taking the RMD 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. So for the RMD question put in the same amount as box 1.

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

When it is a monthly amount from a pension, you say it was ALL an RMD.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

Enter the amount received as shown in box 1 of the Form 1099-R as the RMD.  All of pension income is an RMD.

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

Are RMD's taxed as ordinary income?

 

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?


@rrsheriff1 wrote:

Are RMD's taxed as ordinary income?

 


Yes.

My wife gets a monthly retirement check from the state of NM. She is 74 and turbo tax is asking if the entire amount was an RMD or only Part or None. Is it all?

Usually RMD is taxable unless you made any non deductible contributions or made a Qualified Charitable Distribution.   But a QCD is only for IRA RMD.   

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