RMD from Pension does that cover RMD from IRA?

[lclark441]

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?

[RichardG · Accepted solution]

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

[pipta7-97]

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. 

[macuser_22]

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@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. 

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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.