Hi garymoresi,
I hope you are having a great day!
RMD rules apply to all employer-sponsored retirement plans, such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as Traditional IRAs and IRA-based plans, such as SEPs, SARSEPs, and SIMPLE IRAs. However, RMDs aren't required for Roth IRAs while the owner is still alive.
Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73. If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. Notice 2023-23PDF permits financial institutions to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.
If you reach age 73 in 2023, you were 72 in 2022 and subject to the age 72 RMD rule in effect for 2022. If you reach age 72 in 2022,
- Your first RMD is due by April 1, 2023, based on your account balance on December 31, 2021, and
- Your second RMD is due by December 31, 2023, based on your account balance on December 31, 2022.
Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 72 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.
I hope you find this information helpful!
Connie
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