RMD Shortfall
My wife and I are both 78 years young. I am filling out our taxes for 2024. Unfortunately we didn’t take out the full RMD from her IRA. I am trying to figure out the needed form. We have been using Turbo Tax for the last several years. However, they don’t seem to have a current solution to our problem. I believe it might be form 5329. This is a very confusing form. Typical IRS publication. Help!
Terry Says
Don’t panic. First, calculate the correct amount — based on HER total account balances for year-end 2023. That determines her 2024 RMD.
Take out the difference immediately. And be sure not to count it as her 2025 RMD (which is determined by year-end 2024 account balances).
Then read this article, explaining what to do if you don’t take the full RMD:
https://smartasset.com/retirement/rmd-penalty
