Hello, Steve105 and thank you for joining us!
You asked when you should take your first RMD and how much you should have withheld for taxes.
The usual deadline for taking your RMD is December 31 of each year. However, for your first RMD, and only the first, you can choose to wait to take this first distribution, until April 1 of the year after you turn 73. In your case, you stated you will turn 73 in July of 2025, so you have the option of taking the first one by December 31, 2025 or you can delay taking it if you would like until April 1 2026.
Please keep in mind, however, opting to delay your RMD means you will have to take your first and second RMD, in the same year, which ultimately may push you into a higher tax bracket.
As far as the amount you should withhold, when determining this youn eed to keep in mind that RMD's withdrawn are taxed at your ordinary income tax rates. The following links will help you to determine your marginal and effective rates and ultimately help you to decide how much to withhold.
Please feel free to reach backout with any additional questions or concerns you might have!
Have a great rest of your day!
Terri Lynn, EA
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