1. You will receive one 1099-R for this distribution for each of you.
2. The 1099-R that you receive in 2025 should show the total amount withdrawn which would include earnings. You should enter that amount. You should report it on your 2024 return as though you had received a 1099-R.
3. Since it will be on your 2024 return you don't need to do anything with the 1099-R that you receive next year unless it has income tax withheld (it shouldn't.)
4. You need to maintain your own tax records. TurboTax will also save the information but you should have them for yourself.
@hshah2026
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