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ldento
New Member

RMD

I am confused with this.  I am now 70 1/2 and have been drawing on 2 retirement plans for 15 years.  when asked if I took the required amount  this year I don't know how to answer.  Also this year I had a deferred  comp I did start drawing on because I hit 70 1/2 and I took the minimum amount.  Can you help me answer 

5 Replies
dmertz
Level 15

RMD

If you did not roll any of this money over to another retirement account you can simply say that it was all RMD.  TurboTax only asks the question to determine how much of your distribution is eligible for rollover.

ewjohn1
Level 1

RMD

I just got the same message when entering my retirement pension income. Ignore the question - it only applies to IRA accounts not your pension accounts. I am trying to figure out how to report this problem as well.

dmertz
Level 15

RMD

Since the pension distribution is not eligible for rollover, it's appropriate to say that it is all RMD, i.e., all ineligible for rollover.

4Barrell
New Member

RMD

If you do that then your taxed on box #1 not 2 on your 1099R like you were before you turned 70 1/2

 

so you are taxed on the higher gross

dmertz
Level 15

RMD

Indicating the amount that is RMD has absolutely no effect on the amount that is taxable unless you rolled over some of the distribution, in which case TurboTax will properly treat as rolled over only the amount in excess of the amount that you indicate indicate is RMD.  If you did not roll over any of the distribution, indicating that it is all RMD will not increase the taxable amount.  The taxable amount for those over age 70½ is the same as for those under age 70½.  Some states provide pension exclusions for those over age 65, but that has nothing to do with whether or not the distribution is an RMD.

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