Dad’s passed 12/1/21 and RMD still needs to be satisfied
Our client, Robert passed away 12/1/2021 and has not satisfy his 2021 RMD. It was my understanding that the beneficiar(ies) will need to satisfy Robert’s 2021 RMD by 12/31/2021. I was just informed that beneficiaries have until April 1st to satisfy the 2021 RMD.
Can you please clarify this?
Permalink Submitted by Alan - IRA critic on Tue, 2021-12-14 22:57
Technically, they only have until 12/31. That said, the IRS is well aware that particularly for late year deaths like this one, the time needed to take care of such details is insufficient. Therefore, they will waive any penalty with a properly filed Form 5329 showing the reason for the delay. The 5329 is not filed until the year of death RMD or any other late RMD for that matter is made up. The 4/1 deadline only applies to owners for their first RMD.