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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
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
