https://ttlc.intuit.com/community/taxes/discussion/required-minimum-distributions/01/3629207#M1340259 <P>My dad turned 73 in 2024. He and my mom have IRA's and both took RMDs in 2024 for those accounts. My dad found out that he had money in a very old 401k in January 2025. He took a distribution in January. The paperwork from Fidelity says it's for tax year 2025. He also took another one in March, since he will have to have another one by the end of the year. Will he report both on his 2025 taxes, or does the January one need to be reported on 2024 taxes?</P> Sat, 05 Apr 2025 20:37:26 GMT hufffamily3 2025-04-05T20:37:26Z https://ttlc.intuit.com/community/taxes/discussion/required-minimum-distributions/01/3629207#M1340259 <P>My dad turned 73 in 2024. He and my mom have IRA's and both took RMDs in 2024 for those accounts. My dad found out that he had money in a very old 401k in January 2025. He took a distribution in January. The paperwork from Fidelity says it's for tax year 2025. He also took another one in March, since he will have to have another one by the end of the year. Will he report both on his 2025 taxes, or does the January one need to be reported on 2024 taxes?</P> Sat, 05 Apr 2025 20:37:26 GMT https://ttlc.intuit.com/community/taxes/discussion/required-minimum-distributions/01/3629207#M1340259 hufffamily3 2025-04-05T20:37:26Z https://ttlc.intuit.com/community/taxes/discussion/re-required-minimum-distributions/01/3630265#M1340635 <P><SPAN style="font-size:14px;">Yes, they will both be reported in 2025, and because he turned 73 in 2024, there will be no penalty.</SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px;">If you reach age 73 in 2024:</SPAN></P> <UL> <LI><SPAN style="font-size:14px;">Your first RMD is due by April 1, 2025, based on your account balance on December 31, 2023, and</SPAN></LI> <LI><SPAN style="font-size:14px;">Your second RMD is due by December 31, 2025, based on your account balance on December 31, 2024.</SPAN></LI> </UL> <H2><A href="https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs" target="_blank"><SPAN style="font-size:14px;"><STRONG>Retirement plan and IRA required minimum distributions FAQs</STRONG></SPAN></A></H2> Sun, 06 Apr 2025 09:53:46 GMT https://ttlc.intuit.com/community/taxes/discussion/re-required-minimum-distributions/01/3630265#M1340635 JohnB5677 2025-04-06T09:53:46Z