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Those who just turned 73 in 2024 technically have until April 1, 2025 to make their 2024 RMD. But if neither of those things applies to you, Dec. 31 is your deadline.
That means that if you turned 73 in 2024, your first RMD is due by April 1, 2025. You must take your second RMD by December 31, 2025, and your third RMD by December 31, 2026.
For example, if you turned 73 in 2024, you technically have until April 1, 2025 to take your 2024 RMD before the government hits you with a penalty. But there are a few things to be cautious about ...
The RMD rules are designed to spread out the distributions of one's entire interest in an IRA or plan account over one's life expectancy or the joint life expectancy of the individual and his or her beneficiaries. The purpose of the RMD rules is to ensure that people do not accumulate retirement accounts, defer taxation, and leave these ...
What Is a Required Minimum Distribution (RMD)? An RMD is the minimum amount of money you must withdraw from a tax-deferred retirement plan and pay ordinary income tax rates. The age to begin RMDs ...
And that distribution will count toward your required minimum distribution for your IRA(s). The Secure 2.0 Act updated the rules on QCDs to add an inflation adjustment starting in 2024. Last year ...
However, if you turned 73 in 2024, you have until April 1, 2025, to take your first RMD, so a QCD may still be an option for you. Even if you don't do this for 2024, it's something to keep in mind ...
Here are three RMD rules everyone must know before the end of 2024. Three square pieces of paper with the letters R M D printed on them. Image source: Getty Images.