Submitted By: someone
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

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

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