Is there a grace period for taking a forgotten rmd?

[handn3]

is there a grace period to take a forgotten RMD?

[Opus 17]

Officially, no.  But forgiveness is almost always granted.   You need to take the missed RMD as soon as you realize the mistake, report the missed RMD (using form 5329) and ask for a waiver of the penalty with a reasonable explanation.  

[DawnC]

You must take your first required minimum distribution for the year in which you reach age 73. However, you can delay taking the first RMD until April 1 of the following year. If you reach age 73 in 2024, you must take your first RMD by April 1, 2025, and the second RMD by Dec. 31, 2025.   

If you didn't take your RMD, TurboTax will fill out Form 5329 for you and attach it to your tax return.  To do this, follow the steps below:

1. Sign in to your return - Continue in Wages & Income.
2. Search for 1099-R and use the Jump to link and answer the questions about disaster distributions.
3. On the Did You Miss a Required Distribution From Any Retirement Accounts? page, choose the type of account you have.
4. Continue through the questions about your RMD
5. We can help you file a waiver if you have a reasonable cause.