Missed RMD
hello-
we just realized a client of ours had an annuity IRA that we didn’t use to calculate his RMD for last year so he was $12k short in his 2024 RMD. (he had another IRA that we did take his RMD from) How can we rectify this situation. Can we adjust his 2025 RMD or what is the best fix for this?
Thanks.
Permalink Submitted by Alan - IRA critic on Mon, 2025-06-23 10:56
The 12,000 shortfall for 2024 should be distributed ASAP and a 2024 Form 5329 with 1040X should be filed to request waiver of the penalty for reasonable cause.
The 2025 RMD is still due by 12/31/2025, but if client wants to distribute both the shortfall and the 2025 RMD at the same time they can do so. All distributions will be taxable in 2025.