When to start taking RMDs for someone turning 72 this year in December - 2022 rules vs. current

15 Thanks for this info - I've been so confused about these changing rules! My husband turns 72 in October this year and his advisor told him to wait until 2024 for his first RMD. But my sister was told she needed to take hers this year when she turns 72 in November. Are there any special circumstances where someone would need to take RMDs in the same year they turn 72?

9 There are generally no special circumstances where someone turning 72 in 2023 would need to take an RMD in 2023. The confusion probably stems from the multiple changes to the rules in recent years. For your husband and sister both turning 72 in 2023, they both fall under the same rules - first RMD would be for tax year 2024, with a required beginning date of April 1, 2025. However, most financial advisors recommend taking that first distribution in 2024 rather than waiting until April 2025 to avoid having two distributions in the same tax year (which could push someone into a higher tax bracket).

12 How exactly does that work? Does it look at all your retirement accounts together or do you have to enter them separately? My parents have accounts spread across like 3 different companies and trying to figure out their RMDs is giving me a headache.

7 I'm skeptical of online tools for something this important. How do you know it's giving accurate information with all the tax law changes? Does it actually reference the specific IRS publications and SECURE Act provisions? My CPA charges me $250 just to calculate RMDs each year.

18 It handles multiple accounts really well. You just upload statements from different providers, and it consolidates everything to calculate the correct RMD. It saved me from having to manually track accounts from Fidelity, Vanguard, and an old 401(k). The tool specifically references all the relevant IRS publications, SECURE Act provisions, and SECURE 2.0 updates. It actually shows you which specific rules apply to your situation and cites the exact tax code sections. I was impressed with how detailed the explanations were while still being easy to understand.

3 Wait, how does this service work? Is it legit? The IRS phone system is basically impossible to navigate. I've given up after being on hold for 2+ hours multiple times. Is there some secret way to get through that I don't know about?

22 Sounds like a scam. There's no way to "skip the line" with the IRS. Everyone has to wait their turn. And why would you need to call them anyway when the rules are clearly stated on the IRS website? This is just someone trying to make money off people's frustration with hold times.

6 It's a completely legitimate service that uses technology to navigate the IRS phone system and holds your place in line. When they're about to connect with an agent, you get alerted and jump on the call. It's not skipping the line - you're still waiting your turn, just not having to personally sit on hold. Regarding the IRS website, have you looked at it recently? The RMD rules are spread across multiple publications, have changed multiple times, and contain exceptions and special cases. Getting confirmation from an actual IRS agent provides peace of mind, especially when advisors are giving conflicting advice.

5 What about for someone who's still working past 72? My dad is 73 and still working full-time at the same company where he has his 401(k). Does he need to take RMDs from that 401(k) while still employed there?

11 For someone still working past RMD age, they generally don't have to take RMDs from their current employer's 401(k) plan while still employed there. This is known as the "still working exception." However, this exception only applies to the 401(k) at their current employer. They would still need to take RMDs from any IRAs they own and from 401(k)s from previous employers. Also, if your dad is a 5% or greater owner of the company, the still working exception doesn't apply, and he'd need to take RMDs regardless.

2 This is really helpful. Do you know if QCDs (Qualified Charitable Distributions) count toward satisfying the RMD requirement? My mom is turning 72 and wants to donate to her church directly from her IRA.

Yes, QCDs absolutely count toward satisfying RMD requirements! Your mom can make qualified charitable distributions directly from her IRA to eligible charities (like her church) starting at age 70½, even before RMDs begin. The QCD amount counts dollar-for-dollar toward her RMD requirement for that year. The maximum annual QCD amount is $100,000 per person, and the distribution goes directly from the IRA custodian to the charity - she never receives the money personally. This is often a great tax strategy since the QCD isn't included in her taxable income, unlike regular RMDs. Just make sure her church is a qualified 501(c)(3) organization and get proper documentation for tax purposes.