The deadline for taking your required minimum distribution is December 31 of each year.
If you do not withdraw the minimum amount from your plan, the penalty is severe:
- For years prior to 2023, the IRS charges you 50% of the amount you do not take on time.
- Beginning in 2023, this amount is reduced to 25% of the amount you do not take on time.
You may be able to get the penalty waived if you missed taking your RMD due to an illness, mental incapacity, or bank error.
In the TurboTax Online version, if a pension distribution has been reported, see Let's see if we can reduce your tax bill.
In the TurboTax Online version, if no pension distribution has been reported, follow these steps:
- Say ‘No’ to form 1099-R.
- You are asked a question about a disaster distribution.
- You are asked a question about nondeductible contributions.
- You are asked Did you miss a required distribution from any retirement accounts?. Answer the questions and the waiver for your RMD will be prepared.
See @DanaB27 Best answer for more detail.
See also this TurboTax Help under Missed required minimum distribution.
@miriamdamiani
[Edited 03/12/25 | 1:45 pm PST]
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