RMD Age
Hi … Must be getting old here. Just wanted to clarify this question for peace of mind …
This is concerning the age in which one must take an RMD from their IRA account.
This is what I see online (irs.gov)
73
You must take your first required minimum distribution for the year in which you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). However, you can delay taking the first RMD until April 1 of the following year.
Client turned 72 in June 2023. The way this reads, even though he turned 72 here in 2023, he is not required to take RMD until next year when he turns 73 ??
Many thanks
Gregg Guiol
Permalink Submitted by Alan - IRA critic on Thu, 2023-12-07 20:08
That’s right – client’s first RMD year is 2024. I prefer using DOB for RMD year. Born prior to 7/1/1949 age 70.5; 7/1/1949 to 12/31/1950 age 72; 1951 (client)-1959 age 73; 1960+ age 75.