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Thanks for responding. I used to be a beta tester for TT until they farmed it out to some 3rd party. After the beta test, I was still finding flaws in it. But I will continue using it, and I hope TT will make some instruction improvements to cut down on the number of questions loyal customers have.
Your last sentence provided just the answer I hoped for and should clear up the issue. Thanks.
I summarize value end of year for my IRA's. I can calculate RMD withdrawls from that for the next year. No problem.
PROBLEM: However, I also receive a monthly pension from my former employer after retirement. It does not have an end of year balance. I just receive monthly payments. So there is nothing about this pension that I can add to the end of year total used to calculate RMD. So DO I JUST USE MY IRA TOTALS TO CALCULATE RMD? Or do I need to do something special about the pension income?
Related question: I've heard that I SHOULD include my pension income, in addition to my IRA withdrawls, to all count towards the RMD requirement. Is this correct?
You don't have to calculate a RMD for a pension. As I said above....
Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD.
I've heard that I SHOULD include my pension income, in addition to my IRA withdrawls, to all count towards the RMD requirement. Is this correct? NO. You have to calculate the IRA RMD separately and 401k plans separately. And not for Pensions.
See IRA pub 590B for IRA Distributions
https://www.irs.gov/pub/irs-pdf/p590b.pdf
For Pensions you always answer "Yes" to RMD question.
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