RaifH
Expert Alumni

Retirement tax questions

According to the IRS, your first required minimum distribution must be taken by April 1 following the year in which you turn 72. You will not be penalized even though the RMD happened in January.

 

You are correct about taking additional withdrawals in 2022. You will be required to take an RMD every year. In 2022, you will have to make another withdrawal from each IRA. Now that you are no longer in your first year of taking RMDs, you do not get that buffer zone of April 1. Your RMD must be taken by December 31 of each year. 

 

2022 is going to be a higher year of income from your IRAs than usual because you will be taking an extra distribution. If possible, you may wish to plan accordingly and either request your plan administrators withhold extra taxes or pay estimated taxes during the year.