global Tax Turning 72 in 2023? Here are your RMD Requirements November 22, 2022 Editor’s Note: The SECURE 2.0 Act, signed December 29, 2022 raises the RMD age to 73. Here’s what you should know. Check out our blog, Turning 73 in 2023? Here are Your RMD Requirements. If you’re turning 73 in 2023, you’ll want to be aware of your RMD requirements. Due to changes under SECURE 2.0, you do not have to take withdrawals until you turn 73. Let’s dive into the requirements. More about the 73 age requirement You have as late as April 1 of the year following the year you turn 73 to take your first RMD, thanks to a change under SECURE 2.0, signed into law December 29, 2022. For each year thereafter, the RMD must be made annually by December 31st. If you delay your first RMD until the following year [and prior to April 1], you will need to take two RMDs in that year. If you turn 73 in 2023, that means you turned 72 in 2022 when the RMD age requirement was still age 72. SECURE 2.0 doesn’t apply to you and you must take your RMD for 2022 by April 1, 2023. You then also must take your 2023 RMD by December 31, 2023. Check out our blog, Turning 73 in 2023? Here are Your RMD Requirements for details on calculating your RMD, reporting it and how your employer’s qualified plan fits into the mix. Don’t forget to take your RMD as you will face substantial penalties for noncompliance. Questions? Contact us.
