Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking RMDs to age 73.
If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024.
If you reach age 73 in 2023, you were 72 in 2022 and subject to the age 72 RMD rule in effect for 2022. If you reach age 72 in 2022,
- Your first RMD is due by April 1, 2023, based on your account balance on December 31, 2021, and
- Your second RMD is due by December 31, 2023, based on your account balance on December 31, 2022.
Covid-19 relief measures which were enacted for tax year 2020 may affected your Require Minimum Distribution for prior years.
Reached 70 and 1/2 in 2019 or earlier
If you reached age 70 and 1/2 prior to the end of 2019, you did not have an RMD due for tax year 2020. Your next RMD was due by December 31, 2021.
Turning age 72 in 2022
If you reach age 72 during tax year 2022, your first RMD will be due April 1, 2023. Your second RMD will be due December 31, 2023. If you would like to avoid including both the first and second RMD as income during the same tax year, you may opt to take your first withdrawal by December 31, 2022 instead of waiting until April 2023. After the first year, all RMD must be taken by December 31 of the tax year in which they apply.