How old do you have to be to defer your first RMD?

HomeHow old do you have to be to defer your first RMD?
How old do you have to be to defer your first RMD?

Most of us stopped doing that by the time we were 8 or 9 years old. Adding to the confusion, is the rule that allows one to defer their first RMD until April 1 of the following year. Now that the age is 72, it’s much easier to determine if you need to start Required Minimum Distributions.

Q. Are RMDs back for 2021?

If you delayed your first RMD until April 1, 2020, you avoided both the 2019 and 2020 RMD. However, in 2021 you will have to take your first RMD. This RMD is due by the end of 2021, not April 1, 2022.

Q. Do RMDs have to be taken this year?

More In News The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020.

Q. When do you have to take a RMD from the IRS?

You won’t be 70 1/2 until March of 2019. Therefore, 2019 is the first year you’ll need to take the RMD. To make it even more complicated, the IRS gives you until April 1 of the following year to take your first distribution but requires it be done by December 31 in subsequent years.

Q. How is the amount of a RMD determined?

RMD amounts are determined by looking at the following factors: 1 Your age as of December 31 of the current year and your corresponding life expectancy factor according to the IRS… 2 Your retirement account balance as of December 31 of the previous year, which should be adjusted to include any… More …

Q. When do you have to take a TSP RMD?

These TSP participants are not required to take their first TSP RMD until April 1 following the year they retire from Federal service. But these TSP participants over age 70 are still required to take their traditional IRA RMDs and other qualified retirement plan (like 401 (k) plans) they had previously participated in.

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