Taylor's penalty was saved by Forest goalkeeper Matz Sels in the shoot to see Ipswich bundled out.
McKenna said: “Of course, he’s disappointed, but he’ll be fine, the players were around him straight away, the supporters were great.
“It was a really high quality shootout. I thought away from home, we lost both tosses and we were shooting at their end, so considering that, the first four penalties we took were of a really, really high quality.
“And even Jack’s, he puts it in the corner and the goalie makes a good save. That can happen. I thought we showed a good level of composure in the shootout, they took really good penalties as well and it went their way.”
On the penalties, he said: “We have a process, we practiced them yesterday. It was mostly just making sure everyone’s clear on the order and following the process that we’ve put in place and then being confident to step up and take the penalties and confident that hopefully we’d manage to make a save.
“But that wasn’t meant to be tonight. But, as I say, I think we took some good penalties tonight as well.”