Did I already take my Required Minimum Deduction (RMD)?

Forum|Forum|1 year ago
February 2, 2025
2 replies
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I think I know the answer to this question, but I just want to secure a "YUP!" from the experts here ...

I turned 73 in 2024. I withdrew more than enough funds in 2024 for a bathroom remodel to meet the RMD dollar requirement. Am I correct in thinking that my next RMD withdrawal is not due until December 21, 2025?

Thanks!

Not A Product Question

MinhT1

Yes, you are correct because you have satisfied the RMD requirement for 2024.

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SteamTrain

Employee

And since you turn 74 in 2025 (21 Dec?) you can take it any time in 2025, you don't have to wait until your birthday. The RMD amount/divisor/% for 2025 is set based on your age right after your birthday...i.e 74 for 2025.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*