Galena Group

April 1 is Last Day for Taking First RMDs

IRA account owners and retirement plan participants who turned 72 during 2022 and postponed their first required minimum distribution (RMD) have until April 1 to take their distribution. The IRS reminds these retirees that most of them must start receiving RMDs from IRAs, 401(k)s and similar plans by April 1.

The April 1 deadline only applies to first-year distributions because the deadline for distributions for anyone who turned 72 before 2022 remains Dec. 31. As a result, those who receive their initial RMD on or before April 1 must make a second 2023 distribution by Dec. 31.

Some people with workplace plans who turned 72 in 2022 are not required to take a distribution if they are still working and their workplace plan allows for it. In those situations, RMDs must begin by April 1 of the year after they retire.

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