The exception is the year in which you turn 73, when you have until April 1 of the following year to take your first RMD. In other words, if you reached age 73 in September 2024, you'll have until April 1, 2025 to take your first RMD.
A word of caution -- if you wait until the last minute to take your first RMD, you'll also have to take your second RMD by the end of the same calendar year, resulting in two RMDs in the same year. Since withdrawals from these retirement accounts are counted as taxable income, waiting until the last minute could catapult you into a higher tax bracket and therefore result in a higher-than-expected tax bill.
As a final thought, under no circumstances should you not take your RMD in any given year. The IRS penalty for not doing so is harsh. If you fail to take your entire RMD, you'll be assessed a penalty equal to 25% of the amount you didn't withdraw, though the penalty may be reduced to 10% if you take swift action to correct the issue. So make sure you know how much you're required to withdraw, and then withdraw it on time.
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