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The Secure 2.0 Act increased the RMD age from 72 to 73 starting in 2023 and then upped it again to 75 in 2033. However, this created an interesting problem for anyone born in 1959.
Due to some confusion over the rule changes as they were written in the Secure Act, the IRS waived the RMD requirement for newer beneficiaries for 2021 through 2024 (the Cares Act waived RMDs for ...
RMDs were waived by the IRS for the 2020 tax year as part of pandemic relief, but they came back in 2021 and there’s no sign of them being put on hold for 2022.
Although the rules require RMDs to begin by April 1 of the year after the individual reaches age 72, [a] participants in an employer-sponsored plan can usually wait until April 1 of the year after retirement (if later than age 72 [a]) to begin distributions unless the individual owns 5% or more of the employer who is sponsoring the plan.
The only exception to this rule is if you inherited the account from your spouse before 2020 and after they were already subject to RMDs. Then you must take RMDs based on your own life expectancy.
Image source: Getty Images. RMDs begin at age 73 for individuals born in 1951 or later. Traditionally, required minimum distributions (RMDs) have started at age 70 and 1/2 (born before July 1949 ...
The IRS waived the RMD requirements for inherited IRAs from 2020 through 2024, but they'll go into effect in 2025 with the same Dec. 31 deadline. Even if you're just a day late, you'll owe a tax ...
RMDs are calculated based on the account balance as of Dec. 31 in the previous year. For instance, the RMD payment due on a traditional IRA in 2024 is based on the year-end account balance from 2023.