April 1, 2023 is deadline for first-year 2022 RMDs

Cassidy Jakovickas

May 15, 2024

For individuals who became 72 years old in 2022, the deadline to start receiving payments from Individual Retirement Accounts (IRAs), 401(k)s, and similar workplace retirement plans is Sunday, April 1, 2023. These payments, called required minimum distributions (RMDs), are typically made by the end of the year. However, a special rule permits those who turned 72 in 2022 to delay their first RMD until April 1, 2023. This rule generally applies to IRA owners and other plan participants born after December 31, 1949.

April 1st RMD deadline only applies in first year

The April 1 deadline only pertains to the first-year RMD. Subsequent RMDs must be made by December 31 each year. Consequently, individuals who receive their initial RMD (for 2022) on or before April 1, 2023, must also obtain their subsequent RMDs by December 31. Even 2023 distributions made for 2022 are taxable in 2023 and reported on the 2023 tax return, along with regular 2023 distributions.

Which plans include RMDs?

The RMD rules apply to traditional, SEP, and SIMPLE IRAs while the owner is alive, as well as 401(k), 403(b), and 457(b) plans. Roth IRAs are not subject to RMDs. IRA trustees must report the RMD amount to the IRA owner or offer to calculate it.  

A 2022 RMD that is required by April 1, 2023 will be shown on the 2021 Form 5498 and issued to the owner within the first months of 2022.

Delaying RMDs even longer? Only some plans

While the April 1 deadline is mandatory for traditional IRA owners and most workplace retirement plan participants, some employees can defer their RMDs even longer. 

Most workers can delay RMDs until April 1 of the year following their retirement if their employer’s plan allows. Exceptions to this allowance include 5% owners of the company sponsoring the retirement plan, as well as participants in SEP and SIMPLE IRA plans. 

Public school employees and certain tax-exempt organization employees with 403(b) plan accruals before 1987 should consult their employer or plan administrator.

Beginning in 2023, there is a new age rule

Starting in 2023, retirees can wait until they reach 73 years old to begin receiving RMDs. You can learn more about RMDs for retirement and IRA plans on the IRS website page Retirement Plan and IRA Required Minimum Distrivutions FAQs.