You said you started taking RMD's in 2024. Did you turn 73 in 2024?
- If you did, this is not a tax reporting problem,
- but it will affect income on both your 2024 and 2025 taxes.
In the year you turn 73 you can take RMD distributions in the 73rd or 74th year.
- In this case one distribution will have carried over to your 74th year
- Therefore, you will only be taxed on the smaller portion you received in 2024.
In 2025, and in every year after, you will have to take the full RMD.
- In 2025 you will be taxed on the portion from 2024 Plus
- The full distribution of the 2025 RMD.
See Retirement plan and IRA required minimum distributions FAQs
If this was not your situation, please contact us again.
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