RMD

Forum|Forum|1 year ago
March 19, 2025
1 reply
0 views

I have a SEP-IRA and I turned 72 in 2022. At the time, I was required to take an RMD for the year in which I turned at 72 and I had until April 1 of the next year in which to do it. I took my 2022 RMD on 9/30/22. Then the law changed in 2023 and you did not need to take an RMD until you turned 73 and you had until April 1 of the next year in which to take it. Even though I had already taken one RMD in 2022, I assumed that the new law would allow me to take my next RMD for 2023 no later than April 1, 2024. Therefore, I took it on 2/16/24. Was this correct? If not, do I need to file an amended return for 2023 and submit a form 5329 to request a waiver of any tax penalty?

IsabellaG

Employee

No, if your RMD started in 2022, the new rules did not apply to you. See this link to the National Society of Tax Professionals. You can file a 2023 Form 5329 on its own if you have no other changes to make to your 2023 tax return. Here is a link to the 2023 version.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"