I receive a monthly pension from my former employer that is reported to me on a 1099 R form. When I enter this information into Turbotax it wants to know if I received a required annual minimum distribution as if the payment was coming from an IRA or 401 K. There is no minimum distribution from a qualified pension plan. How do I answer the minimum distribution question?
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Say all of it is the RMD. If you are 70 1/2 it will ask you if it is the RMD. Say yes. Anything your pension pays you is considered to be the RMD.
Thank you
Is there some logical reason that there are all sorts of ways to enter IRAs, Roths, etc., but no straightforward , simple way to enter state pension info for payments we get every month without making any monthly payments into a plan? I can pretend everything is an RMD, but then get rewarded by another form to fill out with info I don't have. I can't believe all pension plan reporting has to be this difficult.
Form 1099-R is truly more complex than it appears on the surface and can report distributions from many different types of accounts. Unfortunately, in order to be sure that your distribution is treated correctly with respect to your tax return, there are lots of follow-up questions that must be asked. It cannot be as simple as entering a W-2 because the tax laws vary greatly from one type of account to another.
If you have a specific question that you need help with for your situation, please ask it here. Someone will certainly try to answer it for you.
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