Why do you need a substitute 1099-R? If you received a distribution in 2024, you should receive a 1099-R from the plan administrator. If you did not receive the distribution until 2025, you will report it on the 2025 tax return.
I was eligible for first RMD in2024 but had until April1,2025 to take it. Does it not have to be reported for 2024 taxes?
You do need to file it on your 2024. I would first check your online account for the 1099 and if it isn't there then call the company. If you have trouble reaching them file an extension and pay your best guesstimate of any amount you may owe.
When you call you will need not only the Payer's TIN but also your RMD amount along with the following from the 1099R:
Box 1 Gross distribution,
Box 2 Taxable amount,
2b if either box is checked "taxable amount not determined
Box 4 Federal Taxes withheld i (If any)
possibly Box 5 Employee contributions/ designated Roth contributions/ Insurance premiums
Box 7 Distribution Code AND if the box IRA/SEP/SIMPLE is checked
To clarify, you didn't take your RMD in 2024 but took it in 2025 since you just turned 73 in 2024?
If yes, then you do not report a 1099-R on your 2024 return. You will report it next year on your 2025 return when you get the 2025 Form 1099-R. Please make sure you also take the RMD for 2025 by December 31.
You will need indicate in TurboTax that you didn't fail to take the RMD:
I obtained the information I was looking for, filled out a substitute 1099R and reported the 2024 RMD's on the 2024 tax filing even though the first time RMD's were taken after 12/31/2024. is there a problem with that? One of those withdrawals will definitely show on a 1099R.
No, do not add a Form 1099-R on your 2024 return when you took the distribution in 2025 and nothing in 2024. You will have to report the distribution next year on your 2025 return.
Please follow the steps I mentioned above.