When must an IRA owner begin required minimum distributions (RMDs)?
An IRA owner is required to begin required minimum distributions (RMDs) by the Required Beginning Date-April 1 of the calendar year following the calendar year in which the IRA owner reaches age 70 . (The first RMD is calculated for the first distribution year, the year in which the IRA owner attains age 70 , even though it may be paid during the first quarter of the second distribution year.) All subsequent RMDs must be made by December 31 of each subsequent year. Required minimum distributions are not required from Roth IRAs until after the owner’s death. IRA owners should be aware that the elective postponement of the first distribution until April 1 of the calendar year following the year in which they attain age 70 will subject them to tax on two distributions in the same year. IRA owners need to consider the tax consequences of receiving two taxable distributions in the same calendar year.
