Submitted By: someone
Answered: November 3, 2020 11:17 pm

What is the age I have to start taking money from my IRA?

There are no required minimum distributions for 2020 (the requirement for 2020 was waived by the CARES Act), so the starting age is not significant for this year. After 2020, the starting age for commencing required minimum distributions from IRAs as well as from qualified retirement plans is 72 for those who attained age 70½ after December 31, 2019. Those who attained age 70½ on or before December 31, 2019 were required to start required minimum distributions at age 70½ and will have to resume their distributions in 2021. However, for purposes of qualified retirement plans—not IRAs—the starting date can be postponed until retirement from the company maintaining the plan, provided the individual does not own 5% or more of the company and the plan allows the delay. Different starting dates apply for those who inherit IRAs and retirement plan accounts.

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Tax Glossary

Separate return

Return filed by a married person who does not file a joint return. Filing separately may save taxes where each spouse has separate deductions, but certain tax benefits require a joint return.

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