Required minimum distribution

roged1 — Thu, 06 Jun 2019 15:45:55 GMT

I have listed two retirement incomes including the taxes paid on the Turbo tax preparation form. . The first retirement income is a traditional pension plan from which I receive a monthly pension payment (with federal tax deducted), and the second retirement income is a required minimum deduction payment to me (RMD) from my 401K with the appropriate tax withheld. I did NOT take nor receive a RMD under the "traditional" pension plan, because I was told by the Pension Plan Administrator that this monthly payment to me does not qualify for a RMD. THEREFORE, I was confused by the questions under the Turbo Tax retirement section. For example, I did answer "no" RMD had been taken out of the traditional pension. And your software "warned" me about a 50% penalty for not taking out the RMD. My QUESTION TO YOU: does Turbo Tax 'automatically" add the RMD penalty fee in its calculation of my taxes owed? And, if Turbo automatically adds this penalty to the taxes owed, would it show up in the Turbo summary sheet under the caption: "Penalty / Interest" due? Thank you.

You should answer YES for the pension RMD question. Anyt...

VolvoGirl — Thu, 06 Jun 2019 15:45:56 GMT

You should answer YES for the pension RMD question. Anything your pension pays you is considered to be the RMD. Go back and say yes.

Re: Required minimum distribution

rn47 — Fri, 10 Dec 2021 18:25:39 GMT

yes is wish to take minimum requiree distribution

Re: Required minimum distribution

rn47 — Fri, 10 Dec 2021 18:26:58 GMT

yes

topic Re: Required minimum distribution in Retirement tax questions

Required minimum distribution

You should answer YES for the pension RMD question. Anyt...

Re: Required minimum distribution

Re: Required minimum distribution