RMD Flashcards
1
Q
When taking their first RMD, when must the first one be taken by?
A
April of the following year. First year they get an extension.
2
Q
According to new rule updates, if the shareholder is turning 72 in 2023, when will they have to take their first RMD?
A
The following year when they turn 73, they have to April 2025 to take their first one.
3
Q
When calculating the RMD for the year, what date is used to find the balance?
A
December 31st the previous year.
