For each year after your required beginning date, you must withdraw your RMD by December 31.
For the first year following the year you reach age 70½ (age 72 if born after June 30, 1949), you will generally have two required distribution dates: an April 1 withdrawal (for the year you turn 70½ (or 72 if born after June 30, 1949)) and an additional withdrawal by December 31 (for the year following the year you turn 70½ (or 72 if born after June 30, 1949)). You can make your first withdrawal by December 31 of the year you turn 70½ (or 72 if born after June 30, 1949) instead of waiting until April 1 of the following year which would allow the distributions to be included in your income in separate tax years.
Example: John reached age 70½ on August 20, 2019. He must receive his 2019 required minimum distribution by April 1, 2020, based on his 2019 year-end balance. John must receive his 2020 required minimum distribution by December 31, 2020, based on his 2020 year-end balance.
If John receives his initial required minimum distribution for 2019 on December 31, 2019, then he will take the first RMD in 2019 and the second in 2020. However, if John waits to take his first RMD until April 1, 2020, then both his 2019 and 2020 distributions will be included in income on his 2020 income tax return.
Example: Paul reached age 70½ on January 28, 2020. Since Paul had not reached age 70½ before 2020, his first RMD is due for 2021, the year he turns 72. Paul’s first RMD is due by April 1, 2022, based on his 2020 year-end balance. Paul must receive his 2022 required minimum distribution by December 31, 2022, based on his 2021 year-end balance.
