AmyC
Expert Alumni

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.

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