Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
R
randyw57
February 18, 2025
Solved

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

  • February 18, 2025
  • 1 reply
  • 0 views

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!

 

      Best answer by JohnB5677

      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.

      1 reply

      JohnB5677
      JohnB5677Answer
      February 18, 2025

      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.

      **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
        R
        randyw57Author
        February 18, 2025

        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. 

        TurboTax Sign In Widget
        TurboTax flag icon

        Unlock tailored help options in your account

        Create an account
        TurboTax Expert Assist
        TurboTax Expert

        Get answers to all your tax questions

        Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

        Terms & ConditionsCookie settingsAccessibility statement
        Intuit
        TurboTax Credit Karma QuickBooks MailChimp

        ©1997-2022 Intuit, Inc. All rights reserved.
        Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
        of Intuit Inc. Terms and conditions, features, support, pricing, and service options
        subject to change without notice.

        Security Certification of the TurboTax Online application has been performed by
        C-Level Security.

        By accessing and using this page you agree to the Terms of Use.

        Accessibility

        TRUSTe nResult Certified e-File C-Level Security Certification