Steps to Correct a Missed Required Minimum Distribution (RMD)
Friday, 22 March 2024, 16:25
Correcting a Missed Required Minimum Distribution (RMD)
The missed required minimum distribution (RMD) must be rectified within a designated correction window. Failure to address this oversight can lead to penalties and tax implications.
Steps to Rectify the Situation:
- Identify the missed RMD amount.
- Contact your financial institution or advisor for guidance.
- Submit the missed RMD amount to the IRS.
It is crucial to promptly correct the missed RMD to avoid further repercussions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.