If you’re subject to required minimum distributions (RMDs), you must take your 2024 RMD by December 31 to avoid penalties.
Take Retirement Plan Distributions by December 31
For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their IRA, SIMPLE IRA, SEP IRA, or retirement plan account when they reach age 70 1/2. These withdrawals are known as required minimum distributions or RMDs.