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Pension and RMD

I understand that all of my pension payments are considered an RMD, but I also have an IRA, do I have to calculate an RMD for the IRA?

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1 Reply
MayaD
Employee Tax Expert

Pension and RMD

If you are 72 and older, TurboTax will ask several questions when entering your 1099-R information. The purpose of these questions is to help you determine if you have met the RMD criteria so that you can avoid the IRS penalty.

 

 Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 72 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.

 

How is the amount of the RMD calculated?

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