If I turned 72 in 2023, when do I need to take a Required Minimum Distribution (RMD)?
Due to recent changes by congress, if you turned 72 in 2023 you won't have to start taking RMDs until you turn 73 in 2024. The deadline for taking a 2024 RMD is April 1st of 2025. This only applies to taxpayers who turned 72 during 2023 (born in 1951), since the new age for an RMD is 73.
For example: If you turned 72 in May of 2023 and have a traditional IRA, you'd take your first RMD after your birthday in 2024. You can further delay your first RMD distribution until April 1, 2025. But if you delay your first 2024 RMD to 2025, you'd need to take two RMDs in 2025; the delayed one from 2024 and your regular 2025 RMD. The second must be made by December 31, 2025.
This additional time (April 1st) only applies the first year you need to take the RMD. Every year thereafter the deadline will be December 31st.
What if I have an Inherited IRA?
For example: If you turned 72 in May of 2023 and have a traditional IRA, you'd take your first RMD after your birthday in 2024. You can further delay your first RMD distribution until April 1, 2025. But if you delay your first 2024 RMD to 2025, you'd need to take two RMDs in 2025; the delayed one from 2024 and your regular 2025 RMD. The second must be made by December 31, 2025.
This additional time (April 1st) only applies the first year you need to take the RMD. Every year thereafter the deadline will be December 31st.
What if I have an Inherited IRA?
