Ask the Expert: I'll be turning 72; how do I take my first RMD?
Can I take my first required minimum distribution (RMD) in the year I turn 72 even if that means taking it before my birthday? My 72nd birthday is Dec. 1, 2022. Can I take the RMD in 2022 before that birthday? Am I right that any distribution I take after Jan. 1, 2022, counts toward my RMD, whereas any earlier distribution is merely a regular withdrawal?
You're right.
Your actual birth date doesn't matter for RMD purposes, says Ed Slott, a Rockville Centre tax accountant. Since this is your first RMD, you can take it any time between Jan. 1 of the year in which you turn 72 and April 1 of the following year.
But it's sensible to take a first RMD before the end of the calendar year in which you turn 72. The reason: The deadline for all annual RMDs after the first one is Dec. 31. In your case, that means you must take your second RMD by Dec. 31, 2023. So if you waited until April 1, 2023, to take the first one, you'd have to take two RMDs in 2023.
To calculate each annual RMD, divide your individual retirement account's previous year-end balance by your life expectancy factor, which you'll find in the Uniform Life Expectancy actuarial table in IRS Publication 590. (At age 72, your life expectancy factor on that table is 27.4.) If you have several IRA accounts, you can add up their RMDs and withdraw the total amount from any one of them.
(Other readers take note: The Uniform Life Expectancy table is for IRA owners. If you're an IRA beneficiary, calculate your RMDs using the Single Life Expectancy actuarial table, also in Publication 590.)
The bottom line
It's smart to take your first RMD by Dec. 31 of the year in which you turn 72.
More information
