what is my 2024 RMD?

Forum|Forum|1 year ago
January 22, 2025
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DoninGA

Employee

If you receive a pension in 2024 then all of the pension income in 2024 is an RMD. The amount shown in box 1 of the Form 1099-R that you received from the plan administrator.

LindaS5247

In addition to what DoninGa said above, the term RMD stands for required minimum distribution. It's the minimum amount you're required to take out of your retirement plan if you were 72 in 2024 or once you turn 73 in 2024. ‌This amount will be determined by your plan administrator. An RMD is taxable as ordinary income in the year you take it.

You will receive a 1099-R for your pension distribution. ‌If you received a distribution and you're at least age 73, you likely received an RMD. Check with your plan administrator if you are not sure about this.

TurboTax will ask you if the distributions on Form 1099-R is for a required minimum distribution (RMD) when you enter your form.

Follow all of the TurboTax prompts to enter your RMD information.

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