RMD
Our client’s husband, who has money with his former employer, is turning 73 in July. His birthday is 07/31/1950. Was he required to take an RMD in 2022 since he turned 72 last year? And when does he have to take it by?
Our client’s husband, who has money with his former employer, is turning 73 in July. His birthday is 07/31/1950. Was he required to take an RMD in 2022 since he turned 72 last year? And when does he have to take it by?
Permalink Submitted by Alan - IRA critic on Fri, 2023-02-17 20:58
His first RMD year is 2022 at age 72. Unless he was still working for the plan sponsor as of 1/1/2023 and qualifies for the “still working” exception, he must take his 2022 RMD by 4/1/2023 and his 2023 RMD by 12/31/2023. The still working exception also does not apply to SEP IRAs or SIMPLE IRAs if these are the employer plans he has.