You must take your first required minimum distribution for the year in which you turn age 72 (70 ½ if you reach 70 ½ before January 1, 2020). If you reach 70½ in 2020, you have to take your first RMD by April 1 of the year after you reach the age of 72.
What is the deadline to take my RMD?
The April 1 RMD deadline only applies to the required distribution for the first year. For all subsequent years, including the year in which recipients were paid the first RMD by April 1, the RMD must be made by Dec. 31.
When do I have to take my first MRD?
For every year in which you must take an MRD, it must be taken by Dec. 31 — except for your first year. For the year in which you turn 70-1/2, you have until April 1 (not April 15) of the next year. In other words, if you turn 70-1/2 in 2015, you have until April 1, 2016 to make your first MRD.
Do you have to take RMD’s in first year?
It appears that in the first year of mandatory RMD withdrawals that one has to take two distributions, one in April of the year after you turn age 70 ½ and by December 31 of the same year. Does it make sense to take the first withdrawal in the year you turn age 70 ½ and take the second one by December 31 of the following year?
When is the last day to take your RBD?
That means you will turn 70½ on December 30, 2016, and thus your RBD is April 1, 2017. You can take your age 70½ RMD as early as January 1, 2016 or as late as April 1, 2017, or at any time in between, but April 1, 2017 is the last date on which you can do it without incurring a 50% excise tax on the amount not distributed as required.
Is it better to take more than the MRD?
If your income is lower than usual in a given year, you might opt to withdraw more than the MRD in your accounts. And if you expect your income to rise in the coming years and push you into a higher tax bracket, it may be worth taking more than the MRD while you’re still in a lower bracket.
