RMD

[skb1950]

I have a SEP-IRA and I turned 72 in 2022. At the time, I was required to take an RMD for the year in which I turned at 72 and I had until April 1 of the next year in which to do it. I took my 2022 RMD on 9/30/22. Then the law changed in 2023 and you did not need to take an RMD until you turned 73 and you had until April 1 of the next year in which to take it. Even though I had already taken one RMD in 2022, I assumed that the new law would allow me to take my next RMD for 2023 no later than April 1, 2024. Therefore, I took it on 2/16/24. Was this correct? If not, do I need to file an amended return for 2023 and submit a form 5329 to request a waiver of any tax penalty?

[IsabellaG]

No, if your RMD started in 2022, the new rules did not apply to you. See this link to the National Society of Tax Professionals. You can file a 2023 Form 5329 on its own if you have no other changes to make to your 2023 tax return. Here is a link to the 2023 version.