Latest News
RMDs: What to Know if 2024 is your first year taking them
Kailey Hagen dives into Required Minimum Distributions (RMDs) which are mandatory annual withdrawals the government makes you take from most retirement accounts beginning the year you turn 73. Generally, you must take RMDs by Dec. 31 of the tax year in question. But in the first year you’re required to take them, you have until April 1 of the following year to complete them. For example, if you turned 73 in 2024, you technically have until April 1, 2025 to take your 2024 RMD before a penalty hits. But, Hagen cautions this does not apply to those who have inherited an IRA from someone who died after 2019. Further, if you wait to take your first RMD until 2025, you will have to take two RMDs that year – one for 2024 and one for 2025. Hagen also covers how RMDs are calculates and how Qualified charitable distributions (QCDs) can help you avoid RMDs in the full article here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.