If this was your first RMD, then you have until April 1, 2024 to timely take your initial required minimum distribution. But for 2024, you will have to take two required minimum distributions (by December 31, 2024) to satisfy the requirement.
You are required to start taking your RMD by April 1 of the first calendar year after any of these situations occur, whichever happens last:
- You turn 70½ if you were born before July 1, 1949, or you turn 72 if you were born after June 30, 1949.
- You turn 73 after 12/31/22 or were born on or after Jan. 1, 1950.
- You retire from employment with the employer maintaining the plan.
However, the retirement plan you participate in may require you to begin receiving distributions by April 1 of the year after you turn 72 (73 if you reach age 72 after Dec. 31, 2022), even if you have not yet retired.
If you do not take your required minimum distribution until the following April 1, you'll have two distributions that year, because your second distribution is due by December 31.
You will avoid including income from both of these distributions in the same year if you took your first RMD withdrawal by December 31 of the year you actually turned age 72.
Click here for "What is an RMD?"
Click here for additional information regarding required minimum distributions.
Click here for additional information regarding minimum required distributions.
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