Question

Is RMD a tax deduction?

Forum|Forum|2 years ago
March 18, 2024
1 reply
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I get a monthly pension and there are no tax deduction. Is this call RMD?

TurboTax Free Edition Online

The RMD is the minimum amount of money you're required to take out of your retirement plan if you were 72 years old in 2023 or once you turn 73 in 2023.

The RMD isn't a tax deduction.

Please read this TurboTax Help article for more information.

If you receive your pension in monthly payments, in general, all monthly payments are considered RMDs, and you can safely say that you have satisfied the RMD requirement.

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xmasbaby0

Employee

When you enter the 1099R for pension benefits, it will ask if it was an RMD---say yes. All of the monthly pension payments you receive can be called an RMD. However, an RMD is not a deduction. Retirement income is taxable income----NOT a deduction.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**