Parent died in 2024 without taking traditional IRA RMD. He had 2 IRAs. Our inherited account for IRA #1 finally established last week. Letter in online account states that they distributed the untaken 2023 RMD in Feb. 2024 and mailed a check. We were just notified 2 days that there is a second traditional IRA to be inherited, and once the paperwork is filed, we will probably face the same scenario as with IRA #1. Questions, presumably for both accounts:
1) Do we include anything relating to the late RMD on our 2024 tax return? We won’t get a 1099R until 2025.
2) Do we need to take another RMD in 2025?
With two IRAs and 4 distributions in 2025, we’ll be in a whole new tax bracket.
