Qualified Retirement Pension plan

Forum|Forum|2 years ago
February 2, 2024
2 replies
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Why is TurboTax asking me about RMD this year for a Pension plan I have been collecting since 2014? It is not an IRA. Prior years it did not. Income is from a Qualified Plan from a former employer.

Best answer by VolvoGirl

Just say YES it is all the RMD. The pension doesn't need to calculate any RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD. Just enter the 1099R exactly as shown.

DoninGA

Employee

All pension income is an RMD, so where asked if this was an RMD answer Yes.

This question has been in the TurboTax program for years when completing a Form 1099-R.

VolvoGirl

Employee

It's asking about RMD because you must have turned 70 1/2 or older during the year.

Origin59

No, this is from my retirement pension from Ford Motor Company. It is not an RMD, it's my pension from the qualified employer program, how do I report , it not a rollover either?

Don

DoninGA

Employee

@Origin59 wrote:

No, this is from my retirement pension from Ford Motor Company. It is not an RMD, it's my pension from the qualified employer program, how do I report , it not a rollover either?

Don

If you are age 70 1/2 or older all of the pension income is an RMD, so where asked if this was an RMD answer Yes.