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The Secure 2.0 Act increased the RMD age from 72 to 73 as of 2023 — and the age will increase to 77 starting in 2033. ... 3 Changes Coming To Retirement Required Minimum Distributions in 2025 ...
To calculate your RMD for a given tax year, simply take your account balance as of the end of the previous year -- so, for example, 2023 for the 2024 tax year -- and divide it by the distribution ...
Image source: Getty Images. RMDs begin at age 73 for individuals born in 1951 or later. Traditionally, required minimum distributions (RMDs) have started at age 70 and 1/2 (born before July 1949 ...
RMD Tables. To calculate your RMD, start by visiting the IRS website and accessing IRS Publication 590. This document has the RMD tables (example below) that you will use to calculate your RMD ...
The RMD on his traditional IRA is $10,000 this year. If John fails to withdraw that amount by April 1, 2025, he may be liable for a 25% excise tax, which means $2,500 (25% of the RMD amount).
However, if you turned 73 in 2024, you have until April 1, 2025, to take your first RMD, so a QCD may still be an option for you. Even if you don't do this for 2024, it's something to keep in mind ...