Retirees who have not made their first mandatory retirement plan withdrawal only have four days left to take their payment before they are penalized.
While payments from retirement plans are usually made by the end of the year, retirees who turned 72 in 2022 are covered by a rule allowing any of them involved in workplace retirement plans to wait until as late as Saturday to take their first required minimum distribution payment, also known as an RMD. After this first payment, future RMD payments must be made by Dec. 31 in every following year, according to the IRS.
The retirement plans that this deadline applies to include traditional, SEP, and SIMPLE individual retirement accounts while the original owner is alive. It also applies to those who have 401, 403, and 457 plans. For the 2022 RMD, the amount can be found on the 2021 Form 5498, which was issued to owners of retirement plans in 2022.Recipients who are receiving this RMD by Saturday should also know that it is taxable for the 2023 tax year and needs to be reported on one's tax return.
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