IRA RMD start date and rules
On May 2022 I will be 72 years old. I like to know when can start to take the RMD. Thanks for your time. God Bless you.
Terry Says
You can withdraw anytime from your IRA without penalty, since you are over age 59-1/2. Any withdrawals will be taxed as ordinary income.
But by year-end 2020 you MUST take an RMD — based on the value of your account at the end of THIS year, 2021. So keep your year-end statements handy if you have more than one IRA. You’ll need the total value at year-end to have one of your custodians calculate the RMD next year.
AND, if you have taken ANY money out during the year 2022 it will “count” against your year-end RMD. So keep track of all withdrawals next year.
