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annakwang
April 10, 2025
Question

I have 2 IRA accounts and I should have taken my RMD. One is OK but I forgot to take my RMD from the 2nd one. What should I do now?

  • April 10, 2025
  • 1 reply
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    1 reply

    AmyC
    AmyC
    Employee
    April 10, 2025

    Follow these steps:

    1. Immediately take the one you missed. 
    2. Add the missed RMD to the return you are filing.
    3. File a form 5329 requesting a waiver. 
    4. The IRS grants waivers when you have a good reason.

     

    The IRS RMD Rules state: 

    Consequence for failing to take required minimum distributions

    If you do not take any distributions, or if the distributions are not large enough, you may have to pay a 25% excise tax on the amount not distributed as required.

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