When do i take first RMD from my IRA, I turn 72 on August 2021

[Tere4]

I was born on August of 1949 and I have an IRA, when do I have to withdraw my first RMD? is it in 2021? or in 2022? I made my first request for withdraw in writing to the company on 3/28/2022, check arrived after April 1 of 2022, therefore i don't have a 1099-R for 2021, am i late? am I incurring in penalties?

Thank you,

[DanaB27]

You must take your first RMD (for 2021) by April 1st, 2022 since you turned 72 in 2021.

What was the date of the check? If it was issued after April 1st, 2022 then you can request a waiver of the penalty by writing a letter to the IRS explaining the reason the RMD was not taken by the deadline.

[Joconl]

I sold enough funds to cover my IRA RMD on time.  I called my broker today (April 12) and asked why the April statement didn't show I covered the RMD.  I expected the broker to put the funds in a cash account so I could invest elsewhere.  Not knowing, the brokerage kept the cash funds in the IRA account.  I thought it would go into a separate non-IRA cash account. 

Now I'm past the April 1 deadline (I'm 72).  I expected the withdrawal to count toward my CMD but apparently it didn't.  I'm told that the cash withdrawn had to go to a bank.  Of course I want to keep my taxes honest but it looks like I'll have to take a 50% tax on my deduction maybe next year.  Is there a way to correct the withdrawal of my CMD?

If I wrote the IRS, who do I send the letter to?

[fanfare]

You report the 2021 RMD on your 2022 tax return, once you remove the funds.

you also report the 2022 RMD on your 2022 tax return.

This is due into the bank by Dec 31.

If you tell TurboTax you missed the April 1 deadline.

You will have a chance to request waiver of penalty.

IRS always waives the penalty for a simple error like this and for much more serious errors.