Hello Yananchao, Thank you for the question. What matters is the year not the month. Here are Recent developments from the SECURE (Setting Every Community Up for Retirement Enhancement) Actbecame law 12/31/19RMD start date changed from age 70½ to age 72 for individuals who reach 70½ after 12/31/19If an individual reached 70½ prior to 2019, there is no impactBeginning date for your first required minimum distribution:IRAs (including SEPs and SIMPLE IRAs)April 1 of the year following the calendar year in which you reach age 70½, if you were born before July 1, 1949.April 1 of the year following the calendar year in which you reach age 72, if you were born after Jun 30, 1949.The issue to consider is if you wait till April 1, of the next year you will take 2 RMD's that year. Consider the effect on your taxable income and decide accordingly.

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Yananchao

Level 2

Question

My birthday is in May which month is the RMD start and end when I turn 72

Forum|Forum|3 years ago
November 16, 2022
1 reply
4 views

No text available

Joe_D-CPA-PFS-CFP

Level 5

Hello Yananchao,

Thank you for the question. What matters is the year not the month. Here are Recent developments from the SECURE (Setting Every Community Up for Retirement Enhancement) Act

became law 12/31/19
RMD start date changed from age 70½ to age 72
for individuals who reach 70½ after 12/31/19
If an individual reached 70½ prior to 2019, there is no impact

Beginning date for your first required minimum distribution:

IRAs (including SEPs and SIMPLE IRAs)
- April 1 of the year following the calendar year in which you reach age 70½, if you were born before July 1, 1949.
- April 1 of the year following the calendar year in which you reach age 72, if you were born after Jun 30, 1949.

The issue to consider is if you wait till April 1, of the next year you will take 2 RMD's that year. Consider the effect on your taxable income and decide accordingly.