First of all, an RMD is not a specific transaction. It is the minimum amount you must withdraw based on your age and the size of the account. You could meet the RMD any way you want, and you can always withdraw more. For example, if your RMD was $5000, you could meet that by withdrawing $5000 on December 28, but you would also meet that if you withdrew $500 per month for living expenses.
The amount is calculated based on the balance in the account at the end of the year, and your age, using a formula provided by the IRS. There are some modifications based on what kind of account it is, so we can't really tell you without more information. Your broker should be able to tell you, and will usually send a letter or notification toward the end of the year to remind you.
There was no RMD for 2020, it was suspended due to COVID. You pay tax on whatever you did withdraw, but if you did not make a withdrawal, you will not be penalized.
If you were required to take an RMD for 2021 and did not, you are facing a substantial penalty. You need to withdraw the money now that you should have withdrawn in 2021, and apply for a waiver of the penalty. We have instructions on how to do this but you need to make the withdrawal ASAP and then let us know.
