Missed RMD?
A new client has just come to me with his IRA.
DOB 06/21/1950 and still works full time
He didn’t know anything about RMDs and didn’t take one in 2023 for 2022.
I know there were some rule changes.
Was he required to take the RMD? If so, is there any cure?
TIA
Permalink Submitted by Alan - IRA critic on Mon, 2024-01-29 20:17
His first RMD year was 2022 at age 72. He might have also missed his 2023 RMD. If so, he needs to calculate the RMD for both years and distribute it ASAP. He can then file a 2023 Form 5329 with his 2023 tax return requesting that the penalty for both years be waived. A 2022 5329 is not required because his 2022 RMD did not become delinquent until 4/1/2023. These late RMDs plus the 2024 RMD will all be taxable in 2024.
Permalink Submitted by Geoffrey Kasher on Mon, 2024-01-29 20:54
Thanks