RMD for those attaining age 701/2 after 12.31.2019
Posted: Sun Feb 07, 2021 9:47 am
FRP calculation question for when to start RMDs. FRP shows 72 years - I believe, at least in my case, at my current age, my RMD will start when I am 73. This is a question for the forum on understanding the NEW rules of RMD beginning distributions.
FRP shows RMD beginning at 72. Is this correct for my age, 69 and new RMD rules based upon CARES Act?
After reviewing IRS Publication 590-B, iRA Distributions....., top of page 2 provides this: "What's New for 2020" (and I assume later years unless changed) "The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is - April 1st, OF THE YEAR FOLLOWING the year, of the owner's 72nd birthday."
This leads me to believe that for folks like me, age 69, January, this year, that my minimum RMD will not start until 2025, April 1st of that year. Here is my example:
2021 - 69 yrs - I have not attained age 70 1/2 by end of 2019.
2022 - 70 yrs
2023 - 71 yrs
2024 - 72 yrs - Age of "RMD attainment"
2025 - 73 yrs - RMD is required to begin by April 1st (of the year, following the year, of the owner's 72nd birthday in 2024.
FRP shows RMD beginning at 72. Is this correct for my age, 69 and new RMD rules based upon CARES Act?
After reviewing IRS Publication 590-B, iRA Distributions....., top of page 2 provides this: "What's New for 2020" (and I assume later years unless changed) "The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is - April 1st, OF THE YEAR FOLLOWING the year, of the owner's 72nd birthday."
This leads me to believe that for folks like me, age 69, January, this year, that my minimum RMD will not start until 2025, April 1st of that year. Here is my example:
2021 - 69 yrs - I have not attained age 70 1/2 by end of 2019.
2022 - 70 yrs
2023 - 71 yrs
2024 - 72 yrs - Age of "RMD attainment"
2025 - 73 yrs - RMD is required to begin by April 1st (of the year, following the year, of the owner's 72nd birthday in 2024.