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Navigating New RMD Rules: Understanding Changes for Those Over 72
In this informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, highlights the recent changes in Required Minimum Distributions (RMDs) for individuals over 72 years old. She explains that as of December 31st, 2022, the age to start RMDs has been updated to 73, aligning with the reality that people are living longer. This change simplifies the process for many, as the previous threshold of 70 and a half years often caused confusion about the correct year to commence RMDs.
Transcript
G’day I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Required minimum distribution. Now for all those that have turned 72 after the year of December 31st 2022, you will now start your RMDs at 73. Which is great because people are living longer and then having it at 70 and a half made it difficult for some people to really figure out what year they should be taking their RMDs. So at this point it’s at 73, the year that you turn 73, if you have December 31st you need to take it in that year. There is an exclusion for the first year up until April the following but basically let’s keep it simple. Year you turn 73 you need to take your RMD.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
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By Dr. Friday Tax & Financial Firm
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In this informative episode of ‘Dr. Friday Tax Tips – One Minute Moment,’ Dr. Friday, President of Dr. Friday’s Tax and Financial Firm, highlights the recent changes in Required Minimum Distributions (RMDs) for individuals over 72 years old. She explains that as of December 31st, 2022, the age to start RMDs has been updated to 73, aligning with the reality that people are living longer. This change simplifies the process for many, as the previous threshold of 70 and a half years often caused confusion about the correct year to commence RMDs.
Transcript
G’day I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Required minimum distribution. Now for all those that have turned 72 after the year of December 31st 2022, you will now start your RMDs at 73. Which is great because people are living longer and then having it at 70 and a half made it difficult for some people to really figure out what year they should be taking their RMDs. So at this point it’s at 73, the year that you turn 73, if you have December 31st you need to take it in that year. There is an exclusion for the first year up until April the following but basically let’s keep it simple. Year you turn 73 you need to take your RMD.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.