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April 14, 2024
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Turbo Tax is asking how much or if I paid an RMD on my Government monthly pension/annuity. Did doesn’t make sense. Can anyone help explain what to do?

  • April 14, 2024
  • 2 replies
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Best answer by SteamTrain

@ilovelouie- 

 

Once you reach age 73, TTX will ask that about every 1099-R that you enter.

For your Govt pension payments,  

1)   It IS an RMD

2) All of it was an RMD

_________________

The question is asking if you "received" the RMD (Required Minimum Distribution).

For pension payouts, it is automatically all an RMD

 

BUT...for funds like IRAs, or TSP/401k accounts, you must take certain minimum amounts (RMD) out of them each year once you reach age 73.  That is something you must be sure to do for these other retirement accounts. 

 

But for your Govt pension, the RMD is automatically taken care of.

2 replies

SteamTrain
Employee
April 14, 2024

@ilovelouie- 

 

Once you reach age 73, TTX will ask that about every 1099-R that you enter.

For your Govt pension payments,  

1)   It IS an RMD

2) All of it was an RMD

_________________

The question is asking if you "received" the RMD (Required Minimum Distribution).

For pension payouts, it is automatically all an RMD

 

BUT...for funds like IRAs, or TSP/401k accounts, you must take certain minimum amounts (RMD) out of them each year once you reach age 73.  That is something you must be sure to do for these other retirement accounts. 

 

But for your Govt pension, the RMD is automatically taken care of.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
SteamTrain
Employee
April 14, 2024

Edited the above...mistyped an 83 instead of 73 in one spot..ouch!

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