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Submitted By: someone
Answered: February 5, 2023 8:33 pm
Answered: February 5, 2023 8:33 pm
I turned 72 in 2022 and didn’t take my first RMD. When I take it by April 1, 2023, for which year will this reported as income?
Even though the distribution represents your 2022 RMD, it’s includible in gross income in 2023, the year in which it is received. What’s more, the 2023 distribution must be taken by December 31, 2023, so there will be two distributions taxed in the same year.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
