What if I missed an RMD?

If you act quickly after discovering you missed an RMD, there are ways you may be able to reduce the penalty. The deadline for 2024 required minimum distributions (RMDs) has passed for most seniors. But if you turned 73 last year, you actually have until April 1, 2025, to make your first RMD.

What happens if you don't take your RMD in retirement?

What Happens If You Don't Take Your Required Minimum Distribution (RMD) in Retirement? Most older retirees are required to remove at least a minimum amount from IRAs each year. Failing to take these distributions can actually result in penalties imposed by the IRS.

How do I report an RMD failure?

VCP Forms – To report an RMD failure, you may complete IRS Form 14568-H, Model VCP Compliance Statement PDF - Schedule 8: Failure to Pay Required Minimum Distributions Timely, as an attachment to IRS Form 14568, Model VCP Compliance Statement, as your VCP application. You can’t use Form 14568-H for: