Question

turbo tax thinks my pension is an IRA

Forum|Forum|1 year ago
April 4, 2025
1 reply
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I did not contribute to my pensions on th e company did

Is it asking if you took the RMD? It's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount as the RMD amount. 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. So just enter the same amount in box 1 for the RMD for each 1099R.

S

susan-e-morton

I am having the same problem. I am good up to the point where it asks if the money came from a Roth IRA. I say no then it comes back and says there is no tax penalty on an early retirement. That I may have to pay normal taxes but it will be at the.normal rate. Then I do continue and it asks me questions like yes/no... I took the money out due to a qualified disaster or This money was from being a public safety officer. If I need to file a substitute 1099R or if it was a corrected one. None of these apply so I check the last box and continue. Then it wants to know if the money was from a 403B and I say no, continue. Then it starts with the questions on the RMD. If I do what YOU said and put money into the box, then it wants to know How much of this distribution applied to yourself 31, 2024 RMD. If I say all, it wants to know if there were periodic payments.. Yes. Next is when did I start getting payments...prior to2023. Next is was box 2a used as the taxable amount, Yes. It takes me back to the 1099 screen where it lists the places where any money came from. The next continue is where it happens. It asks if I had ever taken a disaster distribution before 2024? I say no because I never took a disaster distribution at all and what does that have to do with a pension I have had for years? Next it wants to know if there have been any non deductible contributions to my IRA. I said no. Then it wants to know if I missed a distribution from and I have not. Going thru the next page is a trip. It says...We calculate a (25%) penalty on that pension money based on the amount not distributed in 2024. However I can fill out a waver if I say I did and am Trying to fix the error...Really! SOMETHING IS NOT RIGHT!

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