I turned 70 on 11/9/2019. With the new law, do I have to take my first RMD in 2020 or may I wait until I turn 72 in 2021?
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1 Best answer
MayaD
Expert Alumni
Jan 28, 2020 11:03:30 AM
Yes, you can wait until you turn 72. The new tax Law raises to 72 from 701/2 the age at which you must begin taking RMDs from your retirement accounts. The new law only applies to people who turn 70½ after December 31, 2019.
2 Replies
MayaD
Expert Alumni
Jan 28, 2020 11:03:30 AM
Yes, you can wait until you turn 72. The new tax Law raises to 72 from 701/2 the age at which you must begin taking RMDs from your retirement accounts. The new law only applies to people who turn 70½ after December 31, 2019.
reikigirl
Returning Member
Feb 8, 2020 1:43:22 PM
I turned 70 on 7/27/19 so the new rmd tax law applies to me, is that correct? The TurboTax premier program does not address the new law, no update yet.