Each year the Internal Revenue Service reminds taxpayers over age 72 to take their required minimum distribution (RMD) by December 31.
One exception to this applies to IRA owners who turned age 72 in 2022. These individuals may delay their first RMD until April 1, 2023. However, if their first RMD is delayed, a second RMD will be required by December 31, 2023.
RMDs are generally required for most qualified retirement plans and apply to three types of IRA: Individual Retirement Arrangements (IRAs), Simplified Employee Pension Plans (SEPs) and Savings Match Plans for Employees (SIMPLE) IRAs.
RMDs also apply to 401(k), 403(b) and 457(b) plans. An exception to the RMD requirement is a Roth IRA - there are no...More