Question

I forgot to take IRA RMD before deadline, can i correct that after Jan 1?

Forum|Forum|1 year ago
March 24, 2025
2 replies
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fanfare

Yiou must take action in a timely fashion.

Include dates and amounts showing what you did in your 2024 return explanation statement that goes with Form 5329

@riverbankusa

M

MAK70

You can reduce the penalty to 10% if you take the RMD within 2 years.

For each year after your required beginning date, you must withdraw your RMD by December 31. If you don’t 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are not large enough, you may have to pay a 25% excise tax on the amount not distributed as required (10% if withdrawn within 2 years).