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momofracer44
January 24, 2024
Question

RMD

  • January 24, 2024
  • 1 reply
  • 0 views

I forgot to take an RMD for 2023.  What should I do to get IRS to waive it this one time?

    1 reply

    AmyC
    AmyC
    Employee
    January 24, 2024

    File form 5329. You should arrange to take the RMD as soon as the error is discovered.  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 50% excise tax on the amount not distributed as required.

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