AmyC
Expert Alumni

Retirement tax questions

It is common to make that mistake the first year.  You need to remove the 2023 RMD immediately and talk to them about the 2024 RMD. 

Whoever holds the IRA will normally send you a letter each year telling you the RMD. You might be able to make it an automatic payment so this doesn't happen again.

 

You need to file a form 5329 and request a waiver of the penalty. You'll calculate that penalty in Part 9 of Form 5329. To request a waiver, enter “RC” (for reasonable cause) and the amount of shortfall you want waived on the dotted line next to Line 54. Attach a letter to your tax return explaining the situation.

 

Reference: Form 5329 article and Calculate Minimum Distribution - Free Online RMD Calculator

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