Remind your clients: April 1 is last day to begin obligatory withdrawals from IRAs and 401(k)s

The IRS is reminding retirees that in most cases those who turned 73 in 2024 must start receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by April 1.  

Usually, Required minimum distributions (RMDs) are paid by the end of the year. Those who reached 73 in 2024, however, were permitted to postpone their first RMD until April 1. This special rule applies to IRA owners and participants born after Dec. 31, 1950. 

For more information on RMDs and other changes impacting retirees and retirement plan participants, visit Tax information for seniors & retirees on IRS.gov.