I miscalculated my FY 2024 RMD and ended the year with less than the required amount. What do I need to do to correct this error for my FY 2024 income tax filing?

[jct44044]

I need to understand what I need to do to correct for a FY 2024 RMD calculation error I made by not withdrawing my correct RMD amount prior to the 12/31/2024 deadline.

[SabrinaD2]

If you under-withdrew your 2024 RMD and missed the December 31 deadline, here are some steps to address it:

1. Withdraw the remaining RMD amount as soon as possible.
2. Report the Missed RMD: Complete IRS Form 5329, "Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts."
3. Request a Penalty Waiver: Attach a letter to Form 5329 explaining the mistake and the steps you are taking to correct it. The IRS may waive the penalty if the error was due to reasonable cause and you are taking corrective action.

For more information, see the IRS guidelines on correcting RMD failures  and scroll to Q8.  Also see this TurboTax help article.