Turning 72, when can I take my RMD?
Hello! If an individual turns 72 on December 3, 2022, can they take their first RMD before their birthday in December, or do they have to take it on/after 12/3/2022 and before 4/1/2023?
Thank you!
Hello! If an individual turns 72 on December 3, 2022, can they take their first RMD before their birthday in December, or do they have to take it on/after 12/3/2022 and before 4/1/2023?
Thank you!
Permalink Submitted by Alan - IRA critic on Wed, 2022-12-14 17:10
The first RMD could have been taken anytime in 2022, or it could be deferred to as late as 4/1/2023. Any distribution taken in 2022 is first applied to the 2022 RMD, even if the distribution was in January, 2022. Deferral to early 2023 is a one time choice, and any portion of the 2022 RMD can deferred. For most taxpayers, it works best to take the first year RMD in that first year, because it tends to equalize taxable income over both years. That said, there might be other income or deduction patterns such that deferral itself will do more to equalize taxable income.
Permalink Submitted by Abigail McNaney on Wed, 2022-12-14 17:14
Awesome! Thank you!