As reported in the WSJ: New legislation raises the age taxpayers generally have to start taking required minimum distributions, known as RMDs, from their retirement accounts from 72 to 73 years old, beginning in 2023. That means if you turned 72 in 2022, you have until April 1, 2023, to take your first RMD, the one for 2022, and you’ll have to take another for 2023 by Dec. 31, 2023. If you turn 72 in 2023, your first RMD will be for 2024, the year you turn 73, due on April 1, 2025.
Unfortunately, the legislation doesn’t do anything to address the confusion surrounding the new 10-year payout rule for IRAs inherited after 2019.
Action Line: If you need help with your IRA or your RMD, let’s talk.
Originally posted on Your Survival Guy.