RMD

[wklemmon]

I missed taking an RMD. It is a small amount and I do not wish to request a waiver. Do I need to fill out            Form 5329 or can I enter the 25% penalty directly on line 8 schedule 2 and check 5329 not required?

[fanfare]

1) IRS almost always grants a waiver if you have taken timely  action to resolve. So why not request it?

2) the penalty is 10% not 25% if you have taken timely action to resolve.

@wklemmon 

[fanfare]

The RMD remains outstanding if you refuse to take action. (it grows as your account grows which is to be expected).

Then the penalty is 25 % each year.

[AmyC]

You need to fill out the 5329. This lets the IRS know that you know. You need to take the RMD to prevent future penalties.

• I agree with fanfare that the IRS is very reasonable with waivers when things happen and action is taken when you realize there is an issue. 
• You are welcome to let the program calculate a penalty and enter it for you.