FAILURE TO TAKE REQUIRED MINIMUM DISTRIBUTIONS
01.Core Concepts
• 25% penalty (reduced from 50% by SECURE 2.0 Act) • Reduced to 10% if corrected during a prescribed correction window • Ends the later of: 1. the date the IRS issues a notice of deficiency, 2. the date the IRS assesses the excise tax, or 3. the last day of the second taxable year that begins after the end of the year in which the tax is imposed