What is the correction window for a Required Minimum Distribution (RMD)?

When you don't take your full RMD for the year, a penalty is assessed. The amount varies depending on how much you've taken and how soon you make corrections. If you correct your RMD during the correction window, your penalty is reduced to 10% of the missed RMD instead of 25%.

The correction window is a period of time starting the day after your RMD was due and ends on the earliest of these dates:

• The date a deficiency notice was mailed to you from the IRS.
• The date the tax is assessed as due by the IRS.
• The last day of the second year after the year the additional tax is imposed.

For example: If you forgot to take your RMD in 2024 - the final day to take it would have been December 31, 2024. The IRS imposes tax the following day, on January 1, 2025, which gives you until December 31, 2026 to make a correction.

Can I waive any of the tax for failing to take the Required Minimum Distribution (RMD)?