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bourjolly
New Member

Is there a penalty if you do not withdraw the minimum amount from your tradditional IRA?

this year is there a penalty if you do not withdraw the minimum amount required from your traditional ira ?
2 Replies
Bsch4477
Level 15

Is there a penalty if you do not withdraw the minimum amount from your tradditional IRA?

Yes. In 2021 you must withdraw your RMD. 

VolvoGirl
Level 15

Is there a penalty if you do not withdraw the minimum amount from your tradditional IRA?

If you mean for your 2020 return the RMD was waived and you do not need to take it.

 

Here is a worksheet to calculate the RMD

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

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