There is no longer an RMD waiver for 2021. As a result, anyone age 72 or older as of December 31, 2021, must take their RMD by year-end to avoid the 50% penalty―unless this is their first RMD, in which case they have until April 1, 2022.

When should I take my RMD for 2021?

You reach age 70½ after December 31, 2019, so you are not required to take a minimum distribution until you reach 72. You reached age 72 on July 1, 2021. You must take your first RMD (for 2021) by April 1, 2022, with subsequent RMDs on December 31st annually thereafter.

When do you have to take a RMD when you turn 72?

If this applies to you, you have as late as April 1 of the year following the year you turn 72 to take your first RMD. For each year thereafter, the RMD must be made annually by December 31 st. If you delay your first RMD until the following year [and prior to April 1], you will need to take two RMDs in that year.

When do I have to start taking required minimum distributions?

I turn 72 in December 2121 and will have to start taking Required Minimum Distributions from my SEP IRA. Will any distributions I take between … read more Tax advisor and Enrolled A…

When do I have to start taking my required minimum?

April 1 of the year following the calendar year in which you reach age 70½ if you were born before July 1, 1949. You reach age 70½ on the date that is 6 calendar months after your 70th birthday. April 1 of the year following the calendar year in which you reach age 72 if you were born after Jun 30, 1949.

When does the IRS love it when you turn 72?

The IRS loves it when you turn 72, but you won’t get a gift or even a card. The Internal Revenue Service can’t wait to get their hands on your hard earned dollars. This might be why the IRS is sometimes referred to as the Infernal Revenue Service.