RMD Question
I had a lady contact me. She has not taken out an RMD since her first RMD in 2020. What would be her best course of action? Could 2020 count for 2021?
I had a lady contact me. She has not taken out an RMD since her first RMD in 2020. What would be her best course of action? Could 2020 count for 2021?
Permalink Submitted by David Mertz on Thu, 2023-12-28 17:56
A 2020 distribution cannot be used to satisfy a 2021 RMD. The missed RMDs need to be taken and then requests for waiver of the excess-accumulation penalties filed. Of course the 2023 RMD also needs to be completed by December 31, 2023.