I missed taking an RMD on one of my IRAs in 2024. I took it 1/22/25. This is my first time required to take an RMD. Will I be penalized for taking it after 12/31/24?

Forum|Forum|1 year ago
February 5, 2025
2 replies
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I turned 73 in November 2024.

Best answer by MinhT1

If this is your first year for RMD (you turned 73 in 2024), you have until April 1, 2025 to take your RMD for 2024. So you are not penalized.

Your RMD for 2025 has to be taken by December 31, 2025.

Please read this IRS FAQ for more information.

MinhT1Answer

If this is your first year for RMD (you turned 73 in 2024), you have until April 1, 2025 to take your RMD for 2024. So you are not penalized.

Your RMD for 2025 has to be taken by December 31, 2025.

Please read this IRS FAQ for more information.

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dmertz

Employee

There is no penalty. To ensure that TurboTax treats this correctly and assuming that you received no retirement distributions in 2024, if 2024 TurboTax asks how much RMD you were required to take in 2024, answer that you were not required to take an RMD for 2024. (TurboTax should really be asking if you were required to take an RMD in 2024, not for 2024. This will prevent TurboTax from inappropriately preparing Form 5329 Part IX.

When you prepare your 2025 tax return next year, add to your required RMD the amount taken in 2025 to satisfy your 2024 RMD.