Federal Tax, Tax

April 1 RMD Deadline for Certain Retirement Accounts

Time’s nearly up for some retirees to take a required minimum distribution (RMD) from certain retirement accounts, to avoid harsh penalties. For those who turned 72 in the last half of 2021, your first year RMD must be taken by April 1, 2022, so act fast. This applies to those with IRAs, 401(k)s, and similar workplace plans. For all RMDs after the first year, the deadline is Dec. 31. This also means that if you must take your first RMD (for 2021) by April 1, 2022, you’ll still need to take another one for 2022, by Dec. 31, 2022. Exceptions to the RMD rules exist for some. Here’s more  or contact us now for help calculating your RMD. © 2022