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File Form 5329 with the IRS After receiving the funds, file Form 5329 with the IRS for each year you missed the RMD. Remember, the form has a specific version for each year, so filling out the form for the matching year is essential. The IRS website has forms for 1975 and onward.
You can make a one-time (also known as lump-sum) withdrawal or a series of withdrawals, or schedule automatic withdrawals. Whether you want to transfer your RMD funds to another account, take automatic withdrawals, or take your RMD as cash, we can help.
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73.
Rollover to a Roth Account to Avoid RMDs For those who own Roth 401(k)s or 403(b)s, theres a no-brainer RMD solution: Roll the money into a Roth IRA, which has no RMDs for the original owner.
Step 1: Request a Waiver. If you feel that you missed the deadline due to a reasonable error, then you may ask the IRS to waive the 25% excise tax by filing IRS Form 5329 and attaching a letter of explanation for the waiver. Step 2: Pay the Excise Tax. Step 3: Withdraw the Full Balance of an Inherited Account.

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Mistake #1: Not Starting Your RMD on Time In the past, the starting age for RMDs was 70. However, as of 2023, the starting age stands at 73 and is set to increase to 75 in the future.

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