RMD

Forum|Forum|4 years ago
August 18, 2021
2 replies
8 views

What is the current required timing for taking the RMD...when it is the initial withdrawal and you turned 70 in 2020? Does it need to be taken in 2021 or by the tax filing date for 2021, i.e. April 15, 2022?

Best answer by macuser_22

@21norman02 wrote:

So if I was born in February 1950, I would not have to start RMD until I turned 72 in 2022...and then would have until April 1st of 2023 to make withdrawal...correct??

That is correct.

@DoninGA wrote:

@21norman02 wrote:

So if I was born in February 1950, I would not have to start RMD until I turned 72 in 2022...and then would have until April 1st of 2023 to make withdrawal...correct??

That is correct.

And that would only apply to your first RMD. It would be the 2022 RMD deferred to Apr 1, 2023, but you still must take another 2023 RMD before the end of 2023.

Critter-3

Level 15

see other answer

DoninGA

Level 15

The rules for taking an RMD have changed.

Go to this IRS website for RMD information - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

Beginning date for your first required minimum distribution

IRAs (including SEPs and SIMPLE IRAs)
- April 1 of the year following the calendar year in which you reach age 70½, if you were born before July 1, 1949.
- April 1 of the year following the calendar year in which you reach age 72, if you were born after Jun 30, 1949.
401(k), profit-sharing, 403(b), or other defined contribution plan
Generally, April 1 following the later of the calendar year in which you:
- reach age 72 (age 70½ if born before July 1, 1949), or
- retire (if your plan allows this).