Question

Pension and RMD

Forum|Forum|2 years ago
February 23, 2024
1 reply
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I understand that all of my pension payments are considered an RMD, but I also have an IRA, do I have to calculate an RMD for the IRA?

M

MayaD

If you are 72 and older, TurboTax will ask several questions when entering your 1099-R information. The purpose of these questions is to help you determine if you have met the RMD criteria so that you can avoid the IRS penalty.

Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 72 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.