Due Date for Your First RMD

Question: Do I have to take my first RMD by December 31 of the year I turn 72?

Answer: No.

Generally, your first RMD must be taken by 4/1 of the year after you turn 72. You must take your subsequent RMDs by 12/31 of each year. But pay attention to what you decide. If you don’t make the first withdrawal, you’ll also have to take your second RMD by December 31 of the same year. More than that, you’ll be required to pay taxes on both RMDs and could end up in a higher tax bracket. That’s something you really don’t want that!

Another devastating financial effect is related to Medicare. You could be required to pay a high-income surcharge if your AGI exceeds $87,000 if you are single and $174,000 if you are married and filing jointly.