Retirement tax questions

The 2021 RMD would have been calculated by the IRA custodians using the 12/31/2020 valuation ... this amount would have been on the January statement and the form 5498 handed out in May.  Ask them for the amount if you have not yet taken the RMD for 2021 yet and do it soon ... don't wait till the last minute since they need at least 3 business days to process the request AND the holidays are going to get in the way.  Penalty for failure to take the RMD by the end of the year is 50% of the RMD you needed to take ... this is no joke. 

 

Going forward ... unless you need to take it earlier in the year,  you should set up an auto distribution for early December so you never miss an annual distribution as the penalty is severe and they only give you one pass per lifetime and only if you beg for a penalty waiver and promise to never let it happen again.