Is the required RMD on a pension the same as the entire distribution of the RMD?
Ex. Checked box of "the entire distribution was an RMD"
next question is Required Distribution Amount?
Is that the same as the amount in 1099-R income?
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Yes.
If you receive your pension in monthly payments then all payments are considered RMDs.
In TurboTax, you can answer that the whole sum received is RMD and that your RMD is equal to the total received.
This way, TurboTax will know that you have satisfied all RMD requirements.
I know that the RMD is taken out of my annuity account by New York Life so do I answer," none of this withdrawal was an RMD"?
If you know that the RMD has been satisfied, you should respond The entire distribution applied to the December 31 2024 RMD.
See also here.
If you enter pension income and then also enter the same amount as RMD, the TurboTax software adds the tax amount twice for one income. Why is that?
Try this now. After entering the 1099R the follow-up questions are as follows regarding the RMD.
I tested this in my Turbo Tax program and the distribution was only taxed once.
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