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Hi SMK11! This is a great question.
CA does have a penalty. If all or a portion of an RMD was not timely withdrawn, there was a significant penalty of 50%. (That penalty has since been reduced to 25% by SECURE 2.0, and further to 10% if the error is corrected within, typically, two years.)
You can request a waiver if you meet certain criteria.
https://cradvisors.com/blog-articles/3-year-statute-of-limitations-missed-rmds
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TurboTax Live Full Service Tax Expert
‎September 27, 2023
2:09 PM
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