Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
davemarknye1952
New Member

Do i need to make early withdrawals before age 72 1/2 to avoid tax penalties?

 
1 Reply
GeorgeDenseff
Level 3

Do i need to make early withdrawals before age 72 1/2 to avoid tax penalties?

No -your first RMD must be taken by 4/1 of the year after you turn 72 (if you turn 72 after Jan 1, 2020). Subsequent RMDs must be taken by 12/31 of each year. If you don't take your RMD, you'll have to pay a penalty of 50% of the RMD amount.

Dynamic AdsDynamic Ads
Privacy Settings
v