The RMD deadline is December 31 each year, or April 1 if it’s the year following your 73^rd birthday and it’s your first RMD.¹
The penalty for missing an RMD is generally 25% of the shortfall but can be lowered to 10% if you correct the mistake within 2 years.
You may also be able to apply for a waiver for some or all the tax penalty by filing IRS Form 5329 promptly and showing reasonable cause for the missed RMD.

If you have retirement savings in tax-deferred accounts, such as a traditional IRA or a 401(k), you’ll be required to withdraw money every year after reaching a certain age. Known as required minimum distributions, or RMDs, the amount to be withdrawn is calculated based on your age (represented as your life expectancy factor, described in more detail below) and your account balance on December 31 of the prior year.

What to do if you miss your RMD

The deadline to take your first RMD is April 1 of the year after you reach your RMD age, which is generally 73 (individuals born in 1960 or later will have an RMD age of 75). All subsequent RMDs must be withdrawn by December 31 each year.²

If you miss your RMD, it's important to try to act quickly to fix the error. Penalties for missed RMDs can be significant, but they may be reduced if you attempt to correct the mistake in a timely manner.

What happens if you miss an RMD?

The penalty for a missed RMD is a 25% excise tax on any amount that should have been withdrawn by the deadline. The penalty drops to 10% if you correct the mistake by the IRS deadline, which is generally within 2 years. For example, if your RMD was $10,000 and you withdrew only $8,000, the tax penalty would apply to the $2,000 left for distribution from your account, otherwise known as the “excess accumulation.”

If you miss an RMD, take the distribution as soon as possible. IRS Form 5329 is used with your tax return to report the missed amount and calculate any penalty owed. You may be able to request a reduced or waived penalty if you have reasonable cause for the missed RMD.

How common is it to miss an RMD?

Missing an RMD, or taking less than the amount required, is quite common. Some retirees are not familiar with the rules, or they own multiple accounts, making calculations complex and mistakes more likely. Others may forget to set up their RMD by the deadline due to unforeseen life events, health issues, or other personal reasons. Still others who are beneficiaries of tax-deferred accounts may not be aware of the RMD rules and deadlines associated with inherited retirement plans.

The good news is that the IRS offers RMD correction paths for good-faith mistakes, including a 2-year correction window in which the penalty drops to 10%. Filers may also be able to apply for a waiver for some or all of the penalty if they can explain why there was a shortfall and steps they have taken or are taking to fix it. Note: Regular income tax will always be due on the amount withdrawn.

RMD basics: Deadlines to know

RMDs apply to most IRAs (but not Roth IRAs) and qualified plans, including 401(k), 403(b), and 457 plans. Here’s when you must take your first RMD, depending on the account type.

Your first RMD

By April 1 of the year following the year you turn 73:

RMDs must be taken from traditional, SEP, SIMPLE, and SARSEP IRAs, even if you’re still working.
RMDs must be taken from employer-sponsored, pre-tax defined contribution plans, like 401(k), 403(b), and 457 plans, if you are at least a 5% owner of the plan sponsor. (May apply to company founders, family businesses, or partnerships, for example.)

By April 1 of the year following the latter of the year you turn 73, or the year you retire (if allowed by your plan):

RMDs must be taken from employer-sponsored pretax defined contribution plans, like 401(k), 403(b), and 457 plans if you are not at least a 5% owner of the plan sponsor. (Typically applies to ordinary employees.)

Subsequent RMDs

With any type of account, all subsequent RMDs after the first RMD must be taken by December 31 each year. This can lead to some retirees taking 2 RMDs in a single calendar year. RMDs are taxed as ordinary income, so be aware that doubling up on RMDs can increase your taxable income. If you’re worried about jumping into the next tax bracket, consider taking your first RMD the year you turn 73, rather than the following year, to spread out the tax liability.

What are RMD rules for inherited accounts?

RMD deadlines for inherited IRAs depend on the type of beneficiary—spouse, non-spouse, or non-person entity—and when the original owner of the account died.

Spousal beneficiaries generally have the most flexibility when it comes to taking RMDs and emptying inherited IRA account balances. Options include moving inherited assets into their own IRA as if they were the original owner, transferring them to a separate inherited IRA and taking RMDs, depleting the balance over 10 years, or delaying RMDs until their late spouse would have reached RMD age.

Non-spouse beneficiaries must generally empty an inherited account within 10 years of the original owner’s passing and take RMDs annually if the original owner had already started taking RMDs.

An eligible designated beneficiary (EDB) does not have to follow the 10-year rule and can take RMDs based on their age or the age of the original owner if they were younger and were already taking RMDs from their IRA.

An EDB is a non-spouse beneficiary who can be either a minor child of the original owner at the time of their passing, a chronically ill or disabled person, or someone not more than 10 years younger than the original owner. Spouse beneficiaries are also EDBs. RMD rules for an EDB depend on whether the original account owner had begun taking RMDs yet, and the age of the beneficiary.

These rules can be complex, further complicating RMD calculations and increasing the likelihood of mistakes. If you inherit an IRA, consider consulting a financial or tax professional promptly to establish a withdrawal strategy that’s appropriate for your situation.

Find out about all of your inherited IRA RMD options at Fidelity: Managing RMDs for inherited IRAs.

How to fix a missed RMD

Take the following steps if you miss an RMD.

Step 1: Take the missed distribution ASAP.

Calculate your RMD for last year and be sure to keep it separate from any current-year calculations. The calculation is straightforward: First, locate your account balance on December 31 of the year before you missed the RMD. This should be accessible in your account statements. Then find the life expectancy factor corresponding to your age in the IRS Uniform Lifetime Table (PDF). Finally, divide your balance as of December 31 for the prior year by the life expectancy factor to get your RMD. Your missed RMD amount should be withdrawn over and above your RMD for the current year.

Note that if your spouse is the sole beneficiary of the account and is more than 10 years younger than you, you can use the IRS Joint Life Expectancy Table (PDF), which will likely result in a smaller RMD.

You may be able to find a prior year RMD amount printed on a prior year account statement. If your account was with Fidelity, you can find prior year RMD calculations in Fidelity’s retirement distributions centerLog In Required. You may also want to consult with a financial or tax professional if your situation is complex—for example, if you’re dealing with multiple accounts or an inherited IRA with more than one beneficiary.

Good to know: You can also use Fidelity's online RMD calculator to determine your current-year RMD amount.

Step 2: Keep in mind the IRS correction window.

You generally have 2 years to correct an RMD mistake and qualify for a reduced penalty, from the end of the year in which you missed a distribution. For example, you have until December 31, 2026, to make up a distribution shortfall from 2024. If you do so in this timeframe, you can pay a 10% penalty on the shortfall rather than 25%.

Step 3: Determine the correct IRS form.

To qualify for the reduced penalty, you could consider filing IRS Form 5329Opens in a new window along with your tax return showing the additional tax penalty you owe. You may also want to consult with a tax or financial professional who can help you with IRS Form 5329 and any questions about your specific situation.

IRS Publication 590-BOpens in a new window is the IRS’s official guide to how money is withdrawn from IRAs. It contains the instructions for IRS Form 5329Opens in a new window, which can also help you complete the form.

How to request a penalty waiver

If you believe you have reasonable cause to have missed your RMD, such as a health reason, attach a statement of explanation to Form 5329 and follow the instructions to estimate your waiver.

How to prevent missing an RMD in the future

RMDs happen annually, so planning for them can be as simple as setting a reminder every year on your birthday or halfway through the year to see that you’re on track to meet your RMD based on your current frequency of withdrawals.

Remember, RMDs are calculated using the prior year’s account balance. So you might consider calculating your RMD in January and then setting up regular automatic withdrawals throughout the year to ensure you’ve met your RMD by December 31.

Whichever method you choose, it’s best practice to get your withdrawal request in before the holidays to avoid any possible transaction processing delays.

Get help if you think you need it

Professional guidance can be invaluable in special RMD situations. If you’ve inherited an IRA, an advisor can help you understand whether the account is subject to RMDs and create a plan for taking withdrawals to avoid penalties and maximize tax efficiency. An advisor can also be helpful for anyone with multiple tax-deferred accounts subject to RMDs, including workplace plans and IRAs, to determine the best strategy for when and how to take withdrawals while being mindful of the tax impact and the overall investment strategy.

Charles Swabb letter

RMD Reference Guide | Charles Schwab

2026 RMD Reference Guide

If you're turning age 73 this year, it's time to start taking the annual required minimum distributions (RMDs) from tax-deferred retirement accounts including 401(k)s and traditional IRAs. The penalty for not taking your RMD can be pretty steep: The IRS will levy a penalty amounting to 25% of the sum you should have withdrawn. That said, if you correct the issue by taking your full withdrawal and filing IRS Form 5329 (along with a letter of explanation why the RMD was missed), the IRS may lower the penalty to 10%.

Here's what to know.

Timing of your first RMD

In general, you must take your first RMD by April 1 of the year after you reach RMD age (though, there are some exceptions, as we'll see below). For every year after that, you'll have to take your RMDs by December 31.

The table below covers what you should know about start dates for different kinds of accounts.

Account type	Timing of first RMD
IRAs including traditional, SEP, and SIMPLE	By April 1 of the year after you reach RMD age
401(k), 403(b), 457(b) plans, or other qualified plan	By April 1 of the year after you reach RMD age. However, if you are still employed, you may be able to delay your first RMD until April 1 of the year after you retire. A few other caveats apply: The exemption applies only to the account for your most recent employer, the plan must allow this exemption, and you cannot own more than 5% of a business.
Roth IRA	RMDs are not required.
Roth 401(k), 403(b), or 457(b) (designated Roth account)	RMDs are not required.
Inherited retirement accounts	If the deceased has not taken their RMD, you must generally take a distribution for them by December 31 of the year of death. As an heir of a retirement account you might also be subject to RMDs. Note: The RMD rules for inherited accounts are very complex.*

Of course, just because you can delay your first distribution doesn't mean you should. Pushing your first distribution into the next calendar year would mean you'd have to take two RMDs that year—which could saddle you with more taxable income and therefore a bigger tax bill. In other words, if you turn age 73 in 2026, you could wait until April 1 of 2027 to take your first RMD, but then you would also need to take your 2027 RMD by December 31.

Find your Required Minimum Distribution.

Use our IRA calculators

RMD aggregation rules

Another wrinkle is that you generally must determine your RMD for each account separately. That said, in some situations you may be able to combine your RMD obligations from each account and take the full amount from a single account. The processes of combining RMDs is called aggregation.

Account type	Aggregation rule
IRAs including traditional, rollover, SEP, and SIMPLE	Yes, you can aggregate with other IRA accounts
401(k) or other qualified pre-tax plan	No, each account must have its own RMD
Governmental 457(b) plans	No, each account must have its own RMD
403(b) plans	Yes, but only with other 403(b) accounts
Roth IRA	RMDs are not required
Roth 401(k), 403(b), or 457(b) (designated Roth account)	RMDs are not required

Calculating RMDs

You can calculate your RMD using:

Your account balance as of December 31 of the prior year (do this for each account)
Divide that number by the "Distribution Period" associated with your birth year from IRS Publication 590-B.

Age	Distribution period (DP)
73	26.5
74	25.5
75	24.6
76	23.7
77	22.9
78	22.0
79	21.1
80	20.2
81	19.4
82	18.5
83	17.7
84	16.8
85	16.0
86	15.2
87	14.4
88	13.7
89	12.9
90	12.2
91	11.5
92	10.8
93	10.1
94	9.5
95	8.9
96	8.4
97	7.8
98	7.3
99	6.8
100	6.4

For example, if you turn 74 years old on your birthday this year and your traditional IRA balance was $500,000 at the end of last year, you would calculate your RMD as follows:

$500,000 account balance as of December 31
Divided by 25.5 Distribution Period
Equals $19,607.84 RMD

Note: Don't use the table above if your spouse is the sole beneficiary of your IRA and is more than 10 years younger than you. Refer to publication 590-B for Joint Life and Last Survivor Expectancy Table. Beneficiaries of inherited IRAs generally follow a Single Life Expectancy table.

Strategies for lowering RMDs

As noted above, money you withdraw from a tax-deferred retirement account is generally taxable. And if you have a significant amount of tax-deferred savings when you hit RMD age, you could be in for a bit of a tax shock when required distributions start.

You do have some options, though:

Qualified distributions before RMD age. In some cases, waiting as long as possible to tap your tax-deferred assets can make sense, as you'll leave more time for potential growth. That said, if you already have a large amount of tax-deferred savings, starting withdrawals before you reach RMD age could be a tax-smart approach. Why? By lowering your balance before you reach RMD age, your RMDs may not be as large when it's finally time to start them. Large RMDs later in life could potentially push you into a higher tax bracket.
Roth conversion. The idea here is to convert some of your tax-deferred savings into Roth savings. You'll have to pay taxes in the year of the conversion, but by lowering your tax-deferred account balance, you could potentially have smaller RMDs and gain a tax-free resource for future use (or to leave a legacy). Roth conversions generally make the most sense for people who expect to be in a higher tax bracket when they start taking withdrawals than they are at the time they convert the assets. In other words, it's better to pay a lower tax rate on a conversion today than a higher rate on a withdrawal in the future. It's also worth noting that tax rates are at historically low levels compared to rates over the past few decades, so conversions can also make sense if you think rates will be higher in the future.
Qualified charitable distributions. A QCD can allow you to make tax-free donations directly from an IRA to a qualified charity, thereby potentially satisfying all or part of your annual IRA RMD. For 2026, an individual aged 70 ½ or older can donate up to $111,000 a year to a qualified charity, indexed for inflation.
Net Unrealized Appreciation. This is a tax strategy for people who own company stock in a qualified employer-sponsored retirement plan and are at least 59½ or separated from their employer. Taking advantage of this strategy may save you money and reduce your potential RMDs.

RMD

Retirement topics - Required minimum distributions (RMDs) | Internal Revenue Service

Appendix B. (Continued)


Table I
(Single Life Expectancy)
(For Use by Beneficiaries)

Age	Life Expectancy	Age	Life Expectancy
60	27.1	91	5.3
61	26.2	92	4.9
62	25.4	93	4.6
63	24.5	94	4.3
64	23.7	95	4.0
65	22.9	96	3.7
66	22.0	97	3.4
67	21.2	98	3.2
68	20.4	99	3.0
69	19.6	100	2.8
70	18.8	101	2.6
71	18.0	102	2.5
72	17.2	103	2.3
73	16.4	104	2.2
74	15.6	105	2.1
75	14.8	106	2.1
76	14.1	107	2.1
77	13.3	108	2.0
78	12.6	109	2.0
79	11.9	110	2.0
80	11.2	111	2.0
81	10.5	112	2.0
82	9.9	113	1.9
83	9.3	114	1.9
84	8.7	115	1.8
85	8.1	116	1.8
86	7.6	117	1.6
87	7.1	118	1.4
88	6.6	119	1.1
89	6.1	120+	1.0
90	5.7

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