Time Running Out for Retirees to Complete Mandatory IRA Withdrawals

If you turned 72 last year, you have until Saturday, April 1

By
Jim Probasco
Full Bio
Jim Probasco has 30+ years of experience writing for online, print, radio, and television media, including PBS. His expertise includes government programs and policy, retirement planning, insurance, family finance, home ownership and loans. He has a bachelor's from Ohio University and Master's from Wright State University in music education.
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Published March 29, 2023
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Time is running out for retirees who turned 72 last year to make their first mandatory withdrawal from retirement accounts.

The required minimum distribution (RMD) from Individual Retirement Arrangements (IRAs), 401(k)s, and other workplace retirement plans is Saturday, April 1.

Key Takeaways

  • If you turned 72 in 2022, the deadline to receive your first RMD from your IRA/401(k) is April 1, 2023.
  • This special "April 1" rule only applies to the year you are first required to take RMDs.
  • After the first year, RMDs must be taken by Dec. 31 each year for that tax year.
  • Certain taxpayers can qualify for even more delay in their first RMD.
  • The IRS provides online tools to help you determine the amount of your RMD.
  • Looking ahead if you turn 72 in 2023, your first RMD won't be due until April 1, 2025 (for 2024).

People in that age bracket must also complete their 2023 tax year RMDs by Dec. 31. That means two such withdrawals this year, one for 2022 and one for 2023. Both will be taxable in 2023 and reported on 2023 tax returns, which are filed in 2024.

If your RMD isn't withdrawn by April 1 , or if you don't withdraw enough, you will be subject to an excise tax of up to 50% on the amount that isn't taken out by the deadline. Use IRS Form 5329 to report those extra taxes or to request a waiver if you have a reasonable explanation for the error.

Although the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans age 72 as of last Dec. 31, there are some exceptions: If you're still employed by the company that oversees your workplace, you may be able to wait until April 1 of the year after you retire to start receiving your RMDs (if your workplace plan allows it). The exception doesn't apply to 5% owners of the business sponsoring the retirement plan or to participants in SEP and SIMPLE IRA plans. See IRS Publication 575 for details.

Retirement plans subject to RMDs are:

  • traditional IRAs
  • SEP IRAs
  • SIMPLE IRAs
  • 401(k) plans
  • 403(b) plans
  • 457(b) plans
  • profit sharing plans
  • other defined contribution plans
  • Roth IRA beneficiaries


To calculate your initial 2022 RMD, use the life expectancy tables in Appendix B of IRS Publication 590-B. Most taxpayers use Table III (Uniform Lifetime), but married taxpayers whose spouse is more than 10 years younger and is their only beneficiary use Table II.

Table III shows that the RMD for a person who turns 72 in 2022 will normally be based on a distribution period (life expectancy) of 27.4 years. To arrive at your RMD for 2022, divide your Dec. 31, 2021, retirement account balance by 27.4. Pub. 590-B has worksheets, examples, and other information to help you perform the necessary calculations.

Beginning in 2023, the age to begin taking RMDs will be 73. This means that if you turn 72 this year, your first RMD won't be due until April 1, 2025, for your 2024 taxes. This rule applies to anyone born after Dec. 31, 1950 and before Jan. 1, 1952.

Article Sources
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  1. Internal Revenue Service. "IRS reminder to many retirees: Last day to start taking money out of IRAs and 401(k)s is April 1."

  2. Internal Revenue Service. "Retirement Topics — Required Minimum Distributions (RMDs)."

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