Hello Friends! Please find here changes in RMD distribution rules! As always – Best from the Madison Poole Crew
New IRS RULES ON REQUIRED MINIMUM DISTRIBUTIONS
Here is an important update regarding required minimum distributions from an IRA account (non-Roth) and changes that have been made to the Required Minimum Distribution (“RMD”) rules by a new law called Setting Every Community Up for Retirement Enhancement Act of 2022 (the “SECURE” Act 2.0), which was included within the Consolidated Appropriations Act of 2023 passed on December 22, 2022.
If you turned 72 in 2022:
January 1, 1950 through December 31, 1950
You must take your RMD no later than April 1, 2023.
If you will turn 72 after December 31, 2022:
January 1, 1951 through December 1, 1951
You may delay your first RMD until you reach the age of 73.
Your first RMD will be due in 2024.
If you turned 72 before 2022:
Before January 1, 1949
You must continue taking your annual RMD no later than December 31.
Source: The Consolidated Appropriations Act of 2023 – SECURE 2.0 Act of 2022