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Solved

RMD

Forum|Forum|6 years ago
January 28, 2020
1 reply
0 views

I turned 70 on 11/9/2019. With the new law, do I have to take my first RMD in 2020 or may I wait until I turn 72 in 2021?

Best answer by MayaD

Yes, you can wait until you turn 72. The new tax Law raises to 72 from 701/2 the age at which you must begin taking RMDs from your retirement accounts. The new law only applies to people who turn 70½ after December 31, 2019.

MayaDAnswer

Yes, you can wait until you turn 72. The new tax Law raises to 72 from 701/2 the age at which you must begin taking RMDs from your retirement accounts. The new law only applies to people who turn 70½ after December 31, 2019.

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I turned 70 on 7/27/19 so the new rmd tax law applies to me, is that correct? The TurboTax premier program does not address the new law, no update yet.