Quote:
Originally Posted by retiredguy123
Huh? The way I understand the rule, you must take the RMD in the year that you turn 72. So, if you turn 72 in 2021, you must take the RMD starting in 2021, and every year thereafter. It doesn't matter when you take it during year, it is taxable income for the 2021 tax year. The RMD was waived for 2020 because of COVID.
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Hape2Bhr is correct. I copied the following text from the 2019 IRS publication 590-B Distributions from Individual Retirement Account (IRAs):
What’s New for 2020
Required minimum distributions (RMDs). For distributions required to be made after December 31, 2019, the age for beginning mandatory distributions is changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is April 1st of the year following the year of the owner’s 72nd birthday.