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New Member

RMD from Pension does that cover RMD from IRA?

I get a RMD from my pension paid monthly. I also have IRA's. Does the amount I get from my pension cover what I have to take out of my IRA's?

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New Member

RMD from Pension does that cover RMD from IRA?

No.  For purposes of satisfying the IRA required minimum distribution rules, only distributions from IRAs count.  Your pensions payments are irrelevant in this matter.

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New Member

RMD from Pension does that cover RMD from IRA?

No.  For purposes of satisfying the IRA required minimum distribution rules, only distributions from IRAs count.  Your pensions payments are irrelevant in this matter.

View solution in original post

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New Member

RMD from Pension does that cover RMD from IRA?

I had a missed RMD from an IRA.  How do I enter this information in the Turbo Tax software?

 

In addition, I had two pensions.  Are they considered RMDs?  I receive monthly payments from these pensions. 

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Level 15

RMD from Pension does that cover RMD from IRA?


@pipta7-97 wrote:

I had a missed RMD from an IRA.  How do I enter this information in the Turbo Tax software?

 

In addition, I had two pensions.  Are they considered RMDs?  I receive monthly payments from these pensions. 


Yes, pensions are RMDs.   The total amount of monthly payments *is* the RMD.

 

First, take the missed IRA RMD ASAP so you can tell the IRS that is was taken late.

 

When entering the 1099-R for the pension, continue the interview after the 1099-R summary screen and it will ask if all RMD's were taken -  say no. 

 

See example on screenshots below.

 

That will add a 5329 form with a penalty waiver request that the IRA almost never denies if the missed RMD was taken.

 

Screen Shot 2020-03-08 at 1.47.59 PM.jpgScreen Shot 2020-03-08 at 1.48.14 PM.jpgScreen Shot 2020-03-08 at 1.48.46 PM.jpgScreen Shot 2020-03-08 at 1.50.39 PM.jpg

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**