Missed RMD
I’ve missed a few years of RMDs. I was still working and I mistakenly thought I did not have to take them. What steps should I take to correct this?
I’ve missed a few years of RMDs. I was still working and I mistakenly thought I did not have to take them. What steps should I take to correct this?
Permalink Submitted by Alan - IRA critic on Tue, 2014-04-29 19:45
Assuming the RMDs were from your IRA accounts, you should calculate all of the delinquent RMDs, request a distribution, then file Form 5329 requesting a waiver of the penalty for “reasonable cause” per the last page of the 5329 Inst. A 5329 should be filed for each year you missed an RMD using the correct edition. Include a copy of the distribution statement showing that you are now up to date. Note that RMDs were waived for 2009.