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March 09, 2023 at 08:50 PM
The Internal Revenue Service Thursday reminded retirees who turned 72 during 2022 that, in most cases, April 1, 2023, is the last day to begin receiving required minimum distribution payments from IRAs, 401(k)s and similar workplace retirement plans.
RMDs are normally made by the end of the year, the IRS said.
The April 1 RMD deadline only applies to the required distribution for the first year, the IRS explained. For all later years, the RMD must be made by Dec. 31.
“Anyone who reached age 72 during 2022 is covered by a special rule that allows IRA account owners and participants in workplace retirement plans to wait until as late as April 1, 2023, to take their first RMD,” the IRS said.
“In other words, in general, the special April 1 rule applies to IRA owners and other participants in these plans who were born after Dec. 31,1949.”
The IRS advised taxpayers that for or a 2022 RMD (due April 1, 2023), “use the life expectancy tables in Appendix B of the Publication 590-B.”
As shown in Table III, the RMD for a person age 72 in 2022 will normally be based on a distribution period of 27.4 years, the IRS said.
“Divide the Dec. 31, 2021, balance by 27.4 to get the RMD for 2022. Pub. 590-B has worksheets, examples and other information that can help anyone figure their RMD,” the agency said.
