What are required minimum distributions (RMD)?

If you were born before 1951, you should have already started taking required minimum distributions (RMDs) from your IRAs and retirement plans.

If you were born after 1950, you start taking RMDs for the year you turn 73.

However, you’re allowed to delay taking your first (and only your first) RMD until April 1 of the following year. Regardless, your second RMD must be taken by December 31 of the year after the year you turn 73.

Report your RMD as income in the tax year you took it. This doesn't apply to a part that's already been taxed, or is tax-free (like a qualified distribution from a designated Roth account).

You would have to report two RMDs in the year after the year you turned 73, if you delayed taking your first RMD ‌until April 1 of the year after you turned 73.

Example: If you reached age 73 in 2024:

1. You must take your first RMD anytime in 2024 or up until April 1, 2025.
2. You must take your second RMD by Dec. 31, 2025, and you report that RMD on your 2025 tax return.
3. Tip: You can avoid having to report both of those RMD income amounts on your 2025 tax return, and report them in separate years instead. If you take your first RMD on or before December 31, 2024, you’ll report it on your 2024 return.

After the first RMD, all subsequent years' RMDs are due by December 31 of each year.

For a Roth IRA or designated Roth account in a 401(k) or 403(b), RMDs aren’t required from a living account owner, but are required from a beneficiary.

For employer-sponsored retirement plans, you generally have the option to start either in the year you:

• Reach age 73, or
• Retire, if your plan allows for that