I have a IRA at Fidelity.
Started taking RMD’s in 2024 using Fidelity’s automated planning system.
They sent me a 1099-R.
When I was filling out the information in TT it asked for how much was shown on the 1099-R.
Then it asked for how much my total RMD should have been.
I looked it up and saw the 1099-R was one distribution short.
Talked to Fidelity and they said the December, 2024 RMD was done on January 3, 2025 instead of 12/31/2024.
How should I handle this situation in TT? I’m using the online version of TT, but also have the app for iPad available.
Thanks for any help or advice!
You said you started taking RMD's in 2024. Did you turn 73 in 2024?
In the year you turn 73 you can take RMD distributions in the 73rd or 74th year.
In 2025, and in every year after, you will have to take the full RMD.
See Retirement plan and IRA required minimum distributions FAQs
If this was not your situation, please contact us again.
You said you started taking RMD's in 2024. Did you turn 73 in 2024?
In the year you turn 73 you can take RMD distributions in the 73rd or 74th year.
In 2025, and in every year after, you will have to take the full RMD.
See Retirement plan and IRA required minimum distributions FAQs
If this was not your situation, please contact us again.
Hi, JohnB5677!
Yes, I turned 73 in 2024.
OK, I understand your response.
A new RMD has until April of the next year to make all the distributions.
Fidelity caught me up for 2024 with the December distribution.
So, in TT I have entered the amount from the 1099-R (11 distributions).
For the question about what my total 2024 RMD’s were I’ll enter the full 12 distributions.
Great response. I really appreciate it.