The price for any error with RMDs is 50% of what’s missing, which may be tens of thousands of dollars, representing a significant amount of money. Now is the chance to make amends if you failed to make your RMD payment by December 31, 2022, paid the incorrect amount or learned you made a mistake in a prior year. The sooner you remedy it, the more probable it is that the IRS will waive the penalties, and your odds are strong, despite the agency’s reputation for severity.
