Penalties Associated with Missed RMDs (Required Minimum Distributions)

If you are the owner of an IRA account or a beneficiary, you need to understand the rules governing when to take required minimum distributions (RMDs). Regulations have changed regarding penalties for missed RMDs. Although the penalties starting in 2023 have been reduced, the amounts can still be very significant. Elliot Raphaelson shares advice on the RMD rules in “The Savings Game: Penalties Associated with Missed RMDs” from the Tribune Content Agency.