When is the due date of my first RDM?

You do not have to take your first RDM by December 31st of the year you turn 72, as is commonly believed. Instead, you must do so before the end of each year, after your 72nd birthday.

In the case of your first RDM, you don’t have to take it until April 1st of the year after you turn 72. Seniors who, for one reason or another, delay this withdrawal must then take their second RDM by December 31st of the same year.

It’s important to have all these dates marked down in your calendar and, if you can, avoid any delays. If you won’t, since you must pay taxes on both RDMs then you could find yourself in a higher tax bracket.

In addition to this drawback, if your adjusted gross income reaches over $174,000 (married, filing jointly) or $87,000 (single) you might be subject to Medicare high-income surcharges, starting from 2020.