maureencpa
Expert Alumni

Get your taxes done using TurboTax

I believe you may be referring to the penalties assessed when the RMD is not distributed in the proper amount.   The penalty is calculated as 50% of the RMD shortage. 

 

You may request a waiver, it would only be denied if there was no reasonable explanation and the missed RMD was not taken at all. You also need to indicate that you are taking reasonable steps to remedy the shortfall. 

 

This would necessitate IRS Form 5329 

 see: https://www.irs.gov/pub/irs-pdf/f5329.pdf.

 

The following will provide additional information on the RMD and how it is calculated:
 https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions#....

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"