Ask the Expert: RMDs from individual retirement accounts
You recently wrote that a man who’ll be 72 in 2023 must take his first required minimum distribution by April 1, 2025 — the year after he turns 73. Has there been a newer directive since the RMD beginning age was raised from 70½ to 72?
Yes. The most recent rules are in the SECURE 2.0 Act of 2022, an update of the Secure Act of 2019. Among other things, this law raises the RMD starting age to 73 for everyone born on or after Jan. 1, 1951 up to (and including) Dec. 31, 1959.
If you turn 73 in 2024, your deadline for taking your first RMD is April 1 of the year after you turn 73 — i.e., April 1, 2025. All your subsequent RMDs must be taken annually by Dec. 31.
The same law changed the RMD beginning age to 75 for people born on or after Jan. 1, 1960. But, of course, that rule may change between now and 2035!
My husband will turn 72 in January 2024 and will need to take the RMD from his IRAs. I’m 10 years and 5 months younger than he is, and a friend said because of the age difference he does not need to take his RMD. Is this correct?
No. Your friend may be thinking of a different rule. A person whose spouse is at least 10 years younger and his sole beneficiary can use the Joint Life Expectancy IRS actuarial table to calculate his annual RMD. All other IRA owners must use the Uniform Lifetime actuarial table, which results in bigger RMDs.
P.S.: Your husband’s deadline for taking his first RMD will be April 1, 2026. (See above).
IRA distribution rules are subject to change.
You recently wrote that a man who’ll be 72 in 2023 must take his first required minimum distribution by April 1, 2025 — the year after he turns 73. Has there been a newer directive since the RMD beginning age was raised from 70½ to 72?
Yes. The most recent rules are in the SECURE 2.0 Act of 2022, an update of the Secure Act of 2019. Among other things, this law raises the RMD starting age to 73 for everyone born on or after Jan. 1, 1951 up to (and including) Dec. 31, 1959.
If you turn 73 in 2024, your deadline for taking your first RMD is April 1 of the year after you turn 73 — i.e., April 1, 2025. All your subsequent RMDs must be taken annually by Dec. 31.
The same law changed the RMD beginning age to 75 for people born on or after Jan. 1, 1960. But, of course, that rule may change between now and 2035!
My husband will turn 72 in January 2024 and will need to take the RMD from his IRAs. I’m 10 years and 5 months younger than he is, and a friend said because of the age difference he does not need to take his RMD. Is this correct?
No. Your friend may be thinking of a different rule. A person whose spouse is at least 10 years younger and his sole beneficiary can use the Joint Life Expectancy IRS actuarial table to calculate his annual RMD. All other IRA owners must use the Uniform Lifetime actuarial table, which results in bigger RMDs.
P.S.: Your husband’s deadline for taking his first RMD will be April 1, 2026. (See above).
The bottom line
IRA distribution rules are subject to change.
