April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end of the year. However, anyone who reached age 72 during 2022 is covered by a special rule that allows IRA owners and participants in workplace retirement plans to wait until as late as April 1, 2023, to take their first RMD.
So in general, the special April 1 rule in this case applies to IRA owners and other participants who were born after Dec. 31,1949.
Two Payments in the Same Year
The April 1 RMD deadline only applies to the required distribution for the first year. For all later years, the RMD must be made by Dec. 31.
Therefore, taxpayers who receive their first required distribution (for 2022) on or before April 1, 2023, must receive their second RMD (for 2023) by Dec. 31, 2023.
Further, even though that first distribution is actually the required 2022 distribution, it’s taxable in 2023 and is to be reported on the 2023 tax return along with the regular 2023 distribution.
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