We're entering 1099-R re RMDs and at the end it asks if we "received regular payments from this retirement account." does that mean OTHER THAN the RMD we just entered?

[sue-blondin]

the RMD is being entered per the info we JUST ENTERED from the 1099-R so I'm assuming we answer "no, Paul didn't get regular payments from this retirement account."

[sue-blondin]

Having worked for GM/EDS we receive monthly pensions from 2 plans (for those I checked yes, we receive regular payments); however, we also receive an RMD payment annually from the GM Retirement Savings Plan. ALL 3 1099-R's IRA/SEP/SIMPLE BOXES ARE UNCHECKED. For the GM RSP RMD payment's 1099-R entry, I assumed we should answer "no, Paul didn't get regular payments from this retirement account" BUT my husband thinks we should check "yes" as we receive the annual RMD. Which way should we answer?

[rjs]

The text on the "Periodic Payments" screen asks if you got payments "on a regular basis, such as monthly, quarterly, or annually," such as from a pension that gives you a monthly payment. Answer accordingly.

If you are getting that question, I think you did not check the IRA/SEP/SIMPLE box when you entered the 1099-R. If that box is checked on the 1099-R, make sure you check it in TurboTax. Your question suggests that you took an RMD from an IRA, so the box should be checked.

[sue-blondin]

Having worked for GM/EDS we receive monthly pensions from 2 plans (for those I checked yes, we receive regular payments); however, we also receive an RMD payment annually from the GM Retirement Savings Plan. ALL 3 1099-R's IRA/SEP/SIMPLE BOXES ARE UNCHECKED. For the GM RSP RMD payment's 1099-R entry, I assumed we should answer "no, Paul didn't get regular payments from this retirement account" BUT my husband thinks we should check "yes" as we receive the annual RMD. Which way should we answer?

[rjs]

I think you should answer Yes.