WASHINGTON — The Internal Revenue Service reminds retirees born before July 1, 1949, that they usually must take distributions from their retirement plans by December 31.
The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who turned 70½ in 2019 are allowed to wait until April 1, 2020, to take their first RMDs.
The special April 1 deadline only applies to the RMD for the first year. For all subsequent years, the RMD must be made by December 31. For example, a taxpayer who is 70½ in 2018 and receives the first RMD on April 1, 2019, must receive a second RMD by December 31, 2019.The required distribution rules apply to: