Yes, they will both be reported in 2025, and because he turned 73 in 2024, there will be no penalty.
If you reach age 73 in 2024:
- Your first RMD is due by April 1, 2025, based on your account balance on December 31, 2023, and
- Your second RMD is due by December 31, 2025, based on your account balance on December 31, 2024.
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