When to Start Required Minimum Distributions (RMDs) for someone turning 72 this year

You're absolutely right and the advisor is incorrect. Under current rules, for someone turning 72 in December 2023, their first RMD year would be 2024, not 2023. The SECURE Act changed the age for starting RMDs from 70½ to 72 for those who turn 70½ after December 31, 2019. Then the SECURE 2.0 Act further changed the age to 73 for individuals who turn 72 after December 31, 2022. Since your mother turns 72 in December 2023, she falls under the age 73 rule. However, since she was born before 1951, she's in a transition period where the RMD age is still 72 for her. But the key point is she doesn't turn 72 until December 2023, so 2024 is her first RMD year.

Just wanted to share my experience with RMDs and why I eventually turned to taxr.ai to sort through the confusion. My dad was in a similar situation last year, and we got contradictory advice from different financial advisors about when he needed to start taking distributions. I was pulling my hair out trying to interpret the IRS guidelines when a friend recommended https://taxr.ai for analyzing tax documents and regulations. I uploaded the relevant IRS publications, and the system broke everything down in plain English, confirming exactly when my dad needed to start RMDs and how much he needed to withdraw. It saved us from making a costly mistake and gave us documentation to show his advisor who was giving incorrect information. They have a specific retirement tax analysis feature that's incredibly helpful for these exact situations.

I wanted to follow up about my experience with taxr.ai after trying it for my parents' retirement situation. It was actually way more helpful than I expected! I uploaded their statements from 3 different financial institutions plus the confusing pension documents, and it organized everything clearly. The system identified which accounts required RMDs and which didn't, created a consolidated timeline for when distributions need to start for each account (they're different ages), and even flagged a potential issue with one of their old 403(b) accounts that would have been missed. The explanation of how the SECURE 2.0 Act affected their specific situation was incredibly clear - much better than what their financial advisor provided. Definitely worth checking out if you're dealing with RMD confusion!

I had a nightmare situation trying to contact the IRS directly to get clarification on my husband's RMD requirements last year. Spent literally hours on hold, got disconnected three times, and when I finally reached someone, they gave me vague information that didn't help. Then I found https://claimyr.com which got me connected to an actual IRS agent in about 20 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c The agent was able to confirm exactly when my husband needed to take his first RMD and explained how the calculation works. Completely changed my perspective on getting help from the IRS - turns out they can be helpful when you can actually reach them!

I need to eat my words and admit I was completely wrong about Claimyr. After my skeptical comment, I decided to try it myself since I've been trying to get clarification on inherited IRA RMDs for weeks. The service got me through to an IRS representative in about 25 minutes, which is honestly miraculous considering I previously waited over 2 hours and got disconnected. The agent was able to explain exactly how the 10-year rule applies to my situation and confirmed the calculation method I should use. They even emailed me documentation I can keep for my records in case there's ever a question about why I took distributions the way I did. I'm still shocked at how well it worked and how much time it saved me. Sometimes being proven wrong is actually a good thing!

Just want to add some extra info that might help beyond the RMD starting date: make sure you calculate the RMD amount correctly! The first year RMD is based on the retirement account balance as of December 31 of the year BEFORE the first distribution year, divided by the life expectancy factor from the IRS tables. So for your mom, they would use the December 31, 2023 balance to calculate the 2024 RMD amount. The IRS updated their life expectancy tables in 2022, which generally results in slightly smaller required distributions than under the old tables.

Has anyone dealt with a situation where the financial advisor is pushing for early RMDs like this? I'm curious if there's some financial incentive for them to have clients take distributions earlier than required? My dad's advisor did something similar.

I'm dealing with a very similar situation with my own mother who turns 72 in November this year. Her advisor at Edward Jones was also pushing for RMDs to start in 2023, but after doing my own research and getting a second opinion, I confirmed she doesn't need to start until 2024. What really helped me was getting everything in writing from the IRS. I called their retirement plans hotline (though it took forever to get through) and had them confirm the timeline in writing. The key thing the agent emphasized is that the RMD requirement is based on the tax year you turn 72, not the calendar year - so since your mom turns 72 in December 2023, her first RMD year is 2024. I'd suggest having your mom ask her advisor to provide written documentation of their recommendation and the specific IRS regulation they're citing. A legitimate advisor should be able to back up their advice with official sources. If they can't or won't, that's a red flag that they might not be giving accurate guidance.

I'm actually a tax professional who specializes in retirement planning, and I want to emphasize that everyone here giving advice about waiting until 2024 is absolutely correct. Your mother's advisor is wrong, and unfortunately this kind of misinformation is more common than it should be. Since your mom turns 72 in December 2023, her "required beginning date" for RMDs is April 1, 2025 (the April 1st following the calendar year in which she turns 72). This means her first RMD year is 2024, and she has until April 1, 2025 to take that first distribution if she chooses to delay it. The fact that her advisor is being "pushy" about this is concerning. I'd strongly recommend getting a second opinion from a fee-only financial planner or tax professional who doesn't have any financial incentive to encourage unnecessary distributions. Taking an RMD early when it's not required can have significant tax implications and reduce the growth potential of her retirement savings. You might also want to file a complaint with FINRA if the advisor continues to provide incorrect information about federal tax requirements, especially if they're pressuring your mother into unnecessary transactions.