Required Minimum Distributions

[hufffamily3]

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?

[JohnB5677]

Yes, they will both be reported in 2025, and because he turned 73 in 2024, there will be no penalty.

If you reach age 73 in 2024:

• Your first RMD is due by April 1, 2025, based on your account balance on December 31, 2023, and
• Your second RMD is due by December 31, 2025, based on your account balance on December 31, 2024.

Retirement plan and IRA required minimum distributions FAQs