When is first IRA/401k RMD due if born in July 1950?
I own an IRA and 401(k) and was born in July 1950, so I turned age 73 in 2023. Is my first RMD from both accounts due in 2023? Or was I supposed to have taken the RMDs in 2022 and missed that deadline? I have been fully retired since mid-2022.
Permalink Submitted by Alan - IRA critic on Wed, 2023-12-06 17:17
Your RMD age is 72, so your first RMD distribution year was 2022 for both plans with those distributions becoming delinquent on 4/1/2023. Your 401k administrator should have known this and made the distribution, but if they did not you must make up the late RMDs and also complete your 2023 RMDs before year end. You will then have to file Form 5329 to request the penalty waiver for the late 2022 RMDs. All distributions received will be taxable in the year you receive them.