Skip to main content
June 6, 2019
Question

Entering 1099-R, income from pension, dist code 7 - normal , IRA/SEP box not checked. Keeps asking if it is a RMD. Not an RMD What's happening?

  • June 6, 2019
  • 1 reply
  • 0 views
No text available

1 reply

SteamTrain
Employee
June 6, 2019

Just say yes..it was an RMD and yes, you received all of it.  whatever they issued is the RMD

___________

Even for pensions, there is an RMD...you have no control over it, but there is one, and the pension provider issues you the required RMD amount according to whatever IRS rules are in place. 

The only time the distribution will be higher than he RMD is if you terminate the plan by taking all your money out (IF they allow it...depends on the plan)

______________________

Now that you are over 70.5, the software will continue to ask that RMD question every year until we can convince them to add a "This is a pension" selection.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*