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April 1, 2023, is set to be the last day to begin receiving required minimum distributions—or RMDs—from an Individual Retirement Arrangement (IRA), 401(k).
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This special April 1 rule applies to IRA owners and other participants born after December 31, 1949.
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If you take your first RMD for April 1, 2023 or 2022, you must take your second RMD by December 31, 2023.
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That means two distributions in a year—but it only happens once.
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But if you don't withdraw your first RMD by the due date, or you don't withdraw the correct amount, you may be subject to a penalty.
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