RMD FOR 71 TURNING 72 IN 2023
CLIENT IS 71 AND TURNING 72 IN DECEMBER.
1. CAN HE WAIT UNTIL 2024 AT 73 TO START HIS RMD’S?
OR
2. SINCE HE IS 72 THIS YEAR, HE HAS A CHOICE TO START HIS RMD’S BY 12/31/23 OR HE CAN WAIT UNTIL 2024 BUT HAS TO TAKE HIS 2023 RMD BY 4-1-24 AND HIS 2024 RMD BY 12-31-24?
THANK YOU
DOUGLAS
Permalink Submitted by Alan - IRA critic on Thu, 2023-10-19 21:35
Yes, since he was born in 1951, his RMD age is 73 and first RMD distribution year is 2024 with a required beginning date of 4/1/2025. There is no 2023 RMD.