1099-R for IRA RMD doesn’t have December, 2024 Distribution

[randyw57]

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!

[JohnB5677 · Accepted solution]

You said you started taking RMD's in 2024.   Did you turn 73 in 2024?

• If you did, this is not a tax reporting problem, 
• but it will affect income on both your 2024 and 2025 taxes.

In the year you turn 73 you can take RMD distributions in the 73rd or 74th year.

• In this case one distribution will have carried over to your 74th year
• Therefore, you will only be taxed on the smaller portion you received in 2024.

In 2025, and in every year after, you will have to take the full RMD.

• In 2025 you will be taxed on the portion from 2024 Plus
• The full distribution of the 2025 RMD.

See Retirement plan and IRA required minimum distributions FAQs

If this was not your situation, please contact us again.

[randyw57]

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.