By Ian Berger, JD
IRA Analyst
Question:
Hi,
If my birthday is in December 2026, when I turn 73 years old, can I take my required minimum distribution (RMD) on January 2, 2026, even though I’m not yet 73 years old then?
Thank you,
Harvey
Answer:
Yes. Your first RMD is for 2026, the calendar year you turn age 73. That first RMD can be taken anytime during calendar year 2026 – even before your 73rd birthday. (It can even be delayed into 2027, but no later than April 1, 2027.)
Question:
I have a client, age 65, who took multiple distributions from his plan with a company where he used to work. The distributions were deposited into his bank account and from there he put the funds in his IRA account. He says these are rollovers, but I am concerned about the once-per-year rollover rule.
Answer:
Good news for your client! The once-per-year rollover rule doesn’t apply to rollovers of plan funds to IRAs (or to rollovers of IRA dollars to plans). The rule only applies to traditional IRA-to-traditional IRA rollovers and Roth IRA-to-Roth IRA rollovers. So, no problem here.
If you have technical questions you would like to have answered, be sure to submit them to mailbag@irahelp.com, to be answered on an upcoming Slott Report Mailbag, published every Thursday.
https://irahelp.com/payment-of-the-first-rmd-and-the-once-per-year-rule-todays-slott-report-mailbag/