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. Usually the broker will report it on ONE 1099-R form beacuse both will have the same code 7 in box 7 ... but they are not restricted to just one.
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? In that tax year the first distribution must satisfy the RMD before it can be considered a conversion. Usually the IRA custodian will monitor your RMD distributions and will not allow the RMD to be converted until the RMD is satisfied.
Conversions done trustee to trustee are NOT distributions. Basically if you make sure you complete the RMD by the end of the tax year the timing of the conversion is not very important.
