Should I calculate RMD for 2021 tax year using 2019 IRA value?

[melfl]

How to calculate RMD for 2021?

[Critter-3]

The 2021 RMD would have been calculated by the IRA custodians using the 12/31/2020 valuation ... this amount would have been on the January statement and the form 5498 handed out in May.  Ask them for the amount if you have not yet taken the RMD for 2021 yet and do it soon ... don't wait till the last minute since they need at least 3 business days to process the request AND the holidays are going to get in the way.  Penalty for failure to take the RMD by the end of the year is 50% of the RMD you needed to take ... this is no joke. 

Going forward ... unless you need to take it earlier in the year,  you should set up an auto distribution for early December so you never miss an annual distribution as the penalty is severe and they only give you one pass per lifetime and only if you beg for a penalty waiver and promise to never let it happen again.  

[fanfare]

@Critter-3 

they only give you one pass per lifetime

how do you know this ??

and only if you beg for a penalty waiver and promise to never let it happen again.  

You don't have to beg, IRS accepts "Reasonable Cause" for missing the RMD deadline to waive the penalty.

[Critter-3]

Let me restate it ... a first time penalty will usually be waived for just cause but you need to promise to not do it again.   The next time you fail to take the RMD timely  they are not so lenient  however you can always ask with a payment for the penalty ... of course once you paid the penalty the IRS is slow to return the money and they don't have to do so at all.