VolvoGirl:
If I may summarize to see if I understand correctly:
- What we did was Take hubby's RMD = $33,703.28
plus add'l + $296.69 (This was an "in kind exchange" (shares of Mutual fund) and
Fidelity recommended we take a little more depending on
price of security at end of day trading - wasn't cash)
Total = $33,999.97
- A few days after we did his RMD we did a Roth Conversion of $12,000.00.
- We received one 1099-R from Fidelity showing:
Box 1: $45,999.97
Box 2a: $45,999.97
Box 7: code: "7" with X in IRA/SEP/Simple Box
Box 15: OR-1131596-2
Nothing else in other boxes.
On the screen we should fill in RMD by Dec 31,2024 ? and use the amount of $33703.28 Or $33,999.97?
I looked at our end of year 2024 fidelity statement and it shows:
Required Minimum Distribution (RMD) Estimate:
Total 2024 RMD for this account $33,703.28
Year-to-Date:
RMD Distributions $33,999.97
So I think maybe I should use $33,999.97 and use $12,000.00 for the Roth Conversion
as opposed to $33703.28 RMD, $12,000.00 Roth and Cash $296.69.
I'm wondering if turbo wants the exact required RMD amount to keep track? or just the total RMD for the 2024 year weather it is exact or more?? Your thoughts?
Sorry about being a bit lengthy, just want to be clear and concise.
Thank you very much for your help and answering my questions!!!
