topic Pension and RMD in Retirement tax questions

Pension and RMD

kansasminn — Sun, 02 Mar 2025 19:17:08 GMT

Is the required RMD on a pension the same as the entire distribution of the RMD?

Ex. Checked box of "the entire distribution was an RMD"

next question is Required Distribution Amount?

Is that the same as the amount in 1099-R income?

MinhT1 — Sun, 02 Mar 2025 19:18:38 GMT

Yes.

If you receive your pension in monthly payments then all payments are considered RMDs.

In TurboTax, you can answer that the whole sum received is RMD and that your RMD is equal to the total received.

This way, TurboTax will know that you have satisfied all RMD requirements.

kansasminn — Sun, 02 Mar 2025 19:54:53 GMT

I know that the RMD is taken out of my annuity account by New York Life so do I answer," none of this withdrawal was an RMD"?

JamesG1 — Tue, 11 Mar 2025 14:45:43 GMT

If you know that the RMD has been satisfied, you should respond The entire distribution applied to the December 31 2024 RMD.

crowellr001 — Sat, 15 Mar 2025 07:53:21 GMT

If you enter pension income and then also enter the same amount as RMD, the TurboTax software adds the tax amount twice for one income. Why is that?

DaveF1006 — Sat, 22 Mar 2025 00:00:32 GMT

Try this now. After entering the 1099R the follow-up questions are as follows regarding the RMD.

When it asks for the RMD amount required on Dec 31,2024, indicate ‌the full amount.
Next question you will check the entire distribution applied to the December 31,2024 RMD.

I tested this in my Turbo Tax program and the distribution was only taxed once.