Required Minimum Distribution

21norman02 — Tue, 06 Apr 2021 14:41:27 GMT

I have never been required to take an RMD. I will not turn 72 until Feb of 2022. When (what year) will I be required to take my first distribution, e.g. 2022? If I am required to take it in 2022, I presume I would report in when filing for 2022 in April of 2023...correct?

Re: Required Minimum Distribution

MayaD — Tue, 06 Apr 2021 15:13:34 GMT

Under the 2019 legislation, if you turned 70 ½ in 2020 or later, you should take your first RMD by April 1 of the year after you turn 72. All subsequent ones must be taken by December 31 of each year.

In your case, you turned 70 and 1/2 in 2020 so you need to take the RMD by 04/01/23 which is the year after you turn 72. Keep in mind that because you have to take an RMD by December 31 for each year after the year you turned 72, you'll have to take your second RMD by December 31, 2023.

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Required Minimum Distribution

Re: Required Minimum Distribution