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matthewmusic2
New Member

Is your site correct when it says I must start taking retirement distributions after I hit 70 1/2?

I thought the law was changed to 72.
3 Replies
VolvoGirl
Level 15

Is your site correct when it says I must start taking retirement distributions after I hit 70 1/2?

Found this answer.....

Age 70.5 is still applicable for tax year ended 12/31/2019 (the returns we are doing now).

Age 72 doesn't take effect until the 2020 tax year (returns filed in 2021.

Only those who turn 70½ on or after Jan. 1, 2020, are subject to the new rule.

https://money.com/what-serure-act-retirement-law-means-for-you/

DoninGA
Level 15

Is your site correct when it says I must start taking retirement distributions after I hit 70 1/2?

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

matthewmusic2
New Member

Is your site correct when it says I must start taking retirement distributions after I hit 70 1/2?

OK. Thank you for the additional clarification.

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