IRA RMD
I turned 73 this year and read I must receive my first RMD by 4/1/2025, is this correct and what date should I use for the RMD calculation? Also what's the RMD date in subsequent years?
Answers
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Your first RMD is due by April 1st of the year following the year you reached RMD age. That means taxpayers who turned 73 in 2024 must take their RMD by April 1st of 2025. To calculate your first RMD, it will be based on the balance of your account on the last day of the year before your turned 73 (which if you turned 73 in 2024, that date would be Dec. 31st, 2023).
The following RMDs should follow a pattern of due on the last day of the year based on the account balance of the previous last day of the year. For example, if you are taking your first RMD by April 1st, 2025, your second RMD would be taken by Dec. 31st, 2025, based on your Dec. 31st, 2024, balance.
