We study the nonequilibrium stationary state of a one-dimensional inertial run-and-tumble particle (IRTP) trapped in a harmonic potential. We find that the presence of inertia leads to two distinct dynamical scenarios, namely, overdamped and underdamped, characterized by the relative strength of the viscous and the trap timescales. We also find that inertial nature of the active dynamics leads to the particle being confined in specific regions of the phase plane in the overdamped and underdamped cases, which we compute analytically. Moreover, the interplay of the inertial and active timescales gives rise to several subregimes, which are characterized by very different behavior of position and velocity fluctuations of the IRTP. In particular, in the underdamped regime, both the position and velocity undergo transitions from a novel multipeaked structure in the strongly active limit to a single-peaked Gaussian-like distribution in the passive limit. On the other hand, in the overdamped scenario, the position distribution shows a transition from a U shape to a dome shape, as activity is decreased. Interestingly, the velocity distribution in the overdamped scenario shows two transitions-from a single-peaked shape with an algebraic divergence at the origin in the strongly active regime to a double-peaked one in the moderately active regime to a dome-shaped one in the passive regime.