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The Basics of Required Minimum Distributions: 12 Things You Must Know About RMDs Kiplinger 3/4/2021 © Thinkstock After being waived for 2020, required minimum distributions (RMDs) are back for 2021. And the IRS wants to be sure that owners of IRAs and participants in 401(k)s and other workplace retirement plans are properly taking and reporting them. The agency knows that some folks age 72 and older aren t taking their annual RMDs, and it s looking at this closely (prior to 2020, RMDs were required for people age 70½ and older). Those who fail to take the proper amount can be hit with a penalty equal to 50% of the shortfall. Also on the IRS s radar are early retirees and others who take payouts before reaching age 59½ and who don t qualify for an exception to the 10% penalty on these early distributions.

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