global Tax When Do I Need to Start Taking RMDs? October 25, 2023 Turning 73 in 2024? Time to take your first RMD from your retirement accounts! Learn more about the Required Beginning Date (RBD) for RMDs here. You may have an RMD obligation coming up this year! Here’s a sneak peek inside our whitepaper, Your Guide to Required Minimum Distributions (RMDs). What is an RMD? Your required minimum distribution is the minimum amount you must withdraw from your account each year. This applies to Individual Retirement Accounts (IRAs), SIMPLE IRAs, and SEP IRAs,. Roth IRAs do not require withdrawals until after the death of the account owner. Some things of note: You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts). More about the 73 required beginning date The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for retirement and estate planning. One major development was an increase in the age at which people must start taking their RMDs from 70½ to 72. In December 2022, the SECURE 2.0 Act further increased the required beginning date (RBD) age for RMDs to 73 in 2023 through 2032. The RBD age is scheduled to climb to 75 in 2033, making it a moving target. Download our whitepaper, Your Guide to Required Minimum Distributions (RMDs) for more information about how much you need to withdraw, penalties for missing the deadline and more. Contact us to take the guesswork out of taking RMDs and for more details on what’s changed under recent legislation. We can help you comply with the rules and minimize any adverse tax consequences.
