My spouse will be 72 next year (2023) and thus will have to begin taking his Required Minimum Distributions from his traditional IRA. From what I've been reading he can delay his first one for 2023 until April 1st 2024. But then will have to take the normal RMD for 2024 by Dec 31st 2024. So two RMD's to be reported for TY 2024. My questions are:
1) Will both RMD's added together, be shown on one 1099-R for 2024? If so, how does the IRS and Turbo Tax know that part of it was for the delayed RMD? How does the IRS track that one did take the first RMD by April 1st? I'm assuming the distribution code would be "7", normal distribution for both.
2) What if one does a Roth conversion in any year that one also has an RMD? Does the conversion amount get reported on the same 1099-R as the RMD? Also, I've read if you do both in the same year, you "must take the RMD before you do the Roth conversion". How is it ensured that you do this, and why is this timing important?
