Ask Terry Questions missed RMD distribution

missed RMD distribution

By Terry Savage on March 15, 2024 | Wild Card

My hubby has RMDs from 2 diff institutions. over $6K from Edw jones was done. but the $237.00 from PNC was missed (had a crazy year ending with him cracking his pelvis on Halloween). our CPA says we can just report the one, and double up on distribution next year. just want to be sure that sounds right. supposed to be a fine if you miss it. neither financial advisor is much help either. can we just double next year since the bulk of RMD was taken? Thanks!

Terry Says

I would agree with your CPA. Report the one you took,and pay taxes on it. The IRS just announced it had missed 125,000 high-income earners who did not even file tax returns going back to 2017 — and who owe roughly $100 billion in back taxes! (see my most recent column at my website)
So I doubt they will be rushing to calculate your appropriate RMD. Don’t worry about it!



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