- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Other financial discussions
Yes. The IRS is looking at your totals.
- If you took enough RMD from one account to cover them all, you are good. Any version of that, enough from 2 or 3 accounts to cover them all, you are good.
- If you didn't have enough taken out,
- you can request a waiver of the penalty due to the extenuating circumstances on Form 5329.
- Withdraw the amount that was missed and get back on schedule.
- The IRS usually grants the waiver under such circumstances.
Reference:
Consequence for failing to take required minimum distributions
If you do not 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.
- To report the excise tax, you may have to file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.
- See the Form 5329 instructions PDF for additional information about this tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 7, 2025
11:56 AM
2,891 Views