There has been so much change over the past few years with all the recently enacted laws and changes affected by our government. I found some great information and wanted to pass it on to you in case you were confused.
- RMD = Required Minimum Distribution.
- This is the minimum not the maximum. If you need or want to take out more than the RMD amount you can, just make sure you pay the taxes you owe.
- Born 1950 orearlier:
▪ Take your RMD this year 2023, your age 72 year. - Born Jan1, 1951, to 1959:
▪ Take your first RMD in the year you turn 73. - Born 1960 or later:
▪ Start taking RMD’s in the year you turn age 75.
And don’t forget, the first year that you take your RMD, you have until April 15th of the following year to take the distribution. For subsequent years, you have until December 31st to take the distribution.
I hope that this information helps to clarify your situation. Obviously, if you have any questions, please reach out to me right away.