Missed RMD prior to death / Form 5329?

[el501]

Quick question about missed RMD's

Elderly parent passed away Jan 2024, having taken RMD's since 2019 but not having taken RMD's for 2023 (illness) or 2024 (death).  I understand that the RMD for 2024 should be taken by me, the non-eligible designated beneficiary (non-minor child of deceased).

My question pertains to the missed RMD for 2023, what should be done in that case? 

Should Form 5329 be filled out on behalf of the deceased or should I fill out the 5329 and ask for a reasonable cause waiver of the penalty (and take the missed 2023 RMD myself)?

Thanks in advance for your time and assistance.

[jenesis85 · Accepted solution]

In the case of the missed RMD for 2023 due to illness, you, as the non-eligible designated beneficiary, may need to address this issue. You could fill out Form 5329 and request a reasonable cause waiver of the penalty on behalf of the deceased. Alternatively, if permitted by the IRS, you may also elect to take the missed 2023 RMD yourself. Consulting a tax professional could provide clarity on the best course of action based on your specific circumstances. It's essential to ensure compliance with IRS regulations while handling these matters.

[nazim223]

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