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Khalid A
April 11, 2024
Question

Is TRS of texas 2023 "stipend" considered in excess of RMD?

  • April 11, 2024
  • 1 reply
  • 0 views

Hi,

The state of Texas approved an extra Teacher Retirement System payment (or stipend) for 2023 for retirees, is that extra $7500 considered part of RMD?

What should I enter when Turbo tax ask if All of the distribution on the 1099-R is a "RMD" or not?

 

thanks,

Khalid

    1 reply

    B
    BillM223
    April 16, 2024

    The RMS is calculated to be a certain percentage of your retirement accounts. Normally your retirement plan holder (TRMS in this case) would do this. 

     

    The way most pensions are set up, the pension payment includes the RMD; however, I don't know what effect the extra Teacher Retirement System payment has. 

     

    I encourage you to call TRMS and ask them.

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