Reduced Penalties for Missed RMDs

Do you have any undistributed required minimum distributions (RMDs) from prior tax years?  Under previous rules, failure to distribute your full RMD could result in a 50% excise tax. Secure 2.0 Act reduces penalties for those failing to withdraw their required minimum distribution to 25%.  The penalty can be further reduced to 10% by correcting your RMD within two years. You may also request to waive your penalties by filling out Form 5329 for the IRS.