Two RMDs in one year‼️ Beware

Under current law, the first required minimum distribution (RMD) from your IRA, 401k, etc. is not required until after reaching age 72.

But you don’t have to take that distribution until April 1st of the year after you reach age 72.

CAUTION: If you delay the first withdrawal, you’ll also have to take your second RMD by December 31 of the same year. Taking two RMDs in one year could bump you into a higher tax bracket.

What you pay in incomes taxes in retirement is not always lower than while working.

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