For those who turned age 73 in 2024, there’s an important date fast approaching. Those individuals must begin taking required minimum distributions (RMDs) from their IRAs, 401(k) plans or similar workplace retirement plans by April 1, 2025. Be aware that the April 1 RMD deadline is for the first year only. For subsequent years, the RMD must be made by Dec. 31. Thus, taxpayers receiving their first RMD for 2024 in 2025 (by April 1) must take their second RMD for 2025 by Dec. 31, 2025. The first distribution is taxable in 2025 and reported on a 2025 tax return, along with the regular 2025 distribution. Contact us with questions regarding when you must begin taking RMDs.
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