Heirs of 401(k) accounts may face unexpected IRS penalties if they miss the required minimum distribution (RMD) for the year of the original owner's death. Unlike the well-known 10-year rule for withdrawing inherited 401(k) funds, if the deceased had already started RMDs but died before completing that year's withdrawal, the heir must withdraw the remaining RMD by December 31 of the death year. Missing this distribution can trigger a 25% excise tax on the shortfall, potentially costing thousands. However, heirs can file Form 5329 with a reasonable-cause explanation to reduce or waive the penalty if corrected within two years. Additionally, the inherited RMD can increase the heir's taxable income and Medicare premiums, so careful tax planning is advised.
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