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Solved

Pension payment vs RMD

Forum|Forum|5 years ago
January 28, 2021
1 reply
18 views

I have a pension from a company that I worked for in the past. The payments are based on the time that I worked for them and my pay during that time. When I enter the payments TTax asks me about the RMD. Why is that? I don't get re3ceive an RMD, just the flat amount each month. Since I passed 70 (a while ago) I have been telling TTax that it is the full RMD, but that has always seemed wrong, but alternative is just as wrong. What's up with this. If it were and IRA it wouldn't be an issue, as I would know how to answer.

Pension Plan

Best answer by dmertz

TurboTax only asks the question to determine how much is eligible for rollover. Technically, pension payments are required distributions and are not permitted to be rolled over, so just say that these were all RMD.

dmertzAnswer

Level 15

TurboTax only asks the question to determine how much is eligible for rollover. Technically, pension payments are required distributions and are not permitted to be rolled over, so just say that these were all RMD.