Clarification of RMD Required Begin Date based on changes in Secure Act 2.0

[richardsea]

I turned 72 on 12/06/2024. Based on what I read in Secure act 2.0 changes I should not have to start taking RMD until I turn 73. Then I must either take my RMD before 12/31/2025 or by April 1, 2026.

Is TT setup to handle this change? I ask because my investment company holding my IRA says I need to take a 2024 RMD by April 1, 2025 and a second RMD by the end of 2025.

The other question this brings up is if I do not need to take RMD until My 73 date, can I take early RMDs before my Required Distribution Date or do I have to wait and actually wait until I am 73? 

[VolvoGirl]

I’m with you.  Does your IRA plan have your right birthdate.

Your required beginning date. The date you must begin receiving RMDs is determined by the date you reach age 72. See the following to determine your applicable required beginning date.  See IRS pub 599b page 6

https://www.irs.gov/pub/irs-pdf/p590b.pdf

Age 72 after December 31, 2022. If you reach age 72 after December 31, 2022, you must begin receiving required minimum distributions by April 1 of the year following the year you reach the age 73.

[rjs]

You do not have to take an RMD for 2024. You have to take your first RMD for 2025. You can take it any time in 2025 or by April 1, 2026. You do not have to wait until you actually turn 73.

You pay tax on your RMD in the year that you take the distribution from the IRA, even if it's your RMD for the previous year. You will have to take your 2026 RMD in 2026, no later than December 31. If you don't take your 2025 RMD until 2026 you will have two distributions in 2026. Your Form 1099-R for 2026 will include the total of both distributions, and you will have to pay tax on both of them on your 2026 tax return.