Question about RMDs Required Min Distribution

May 27, 2023 Last reply: 3 years ago 3 Replies
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If I make some withdrawals from my IRA and my age is over 59 1/2 but under 72, will those withdrawals go toward satisfying the IRS RMD when I do turn 72. In other words lets say I am 70 and need the cash so I make some withdrawals. I make the withdrawals and pay the required taxes. Will these distributions count towards my RMDs when I turn 72? If so, how are these accounted for?



Or does the IRS simply look at the balance in my IRA (which will be reduced due to the previous distributions) when I turn 72 and calculate the RMD based on the current balance?



thanks Mark


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I

RMDs are calculated based on the December 31 balance. Whatever happened in earlier years is irrelevant to the calculation.

Ira Smilovitz, EA Leonia, NJ

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S

No.

RMDs must be taken in the year you turn 73 (not 72 -- the law was changed last year), then in each subsequent year. That's calendar year, not tax year: the RMD must be taken by Dec. 31 of the relevant year. Unlike contributions to an IRA, the deadline is Dec. 31 not the April due date of your taxes.

You can't "bank" withdrawals against a future year's RMD.

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N

thank you to both replies Mark

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