For retirement plan owners who reach age 72; after 1987 and born on or after 7/1/1949, the required beginning date is April 1 of the calendar year following the calendar year in which the owner reaches age 72; [IRC Sec. 401(a)(9)(C)]. The software begins distributions in the year the plan owner turns 72; since this is the first required distribution (even though this first distribution may be made as late as the following April 1st). Since the second required distribution must be made by December 31st of the year following the age 72 year, it is possible to have two distributions in that year if the first required distribution was put off until April 1st of that year. The Required Beginning Date rules for persons born before 7/1/17 are more complex and are not covered by this program (see Proposed Treas. Reg. Sec. 1.408-8 for IRAs and 1.401(a)(9)-1 B-2 for Qualified Plans).
For retirement plan owners who reach age 70 ½ after 1987 and born on or before 6/30/1949, the required beginning date is April 1 of the calendar year following the calendar year in which the owner reaches age 70½; [IRC Sec. 401(a)(9)(C)]. The software begins distributions in the year the plan owner turns 70½; since this is the first required distribution (even though this first distribution may be made as late as the following April 1st). Since the second required distribution must be made by December 31st of the year following the age 70½ year, it is possible to have two distributions in that year if the first required distribution was put off until April 1st of that year. The Required Beginning Date rules for persons born before 7/1/17 are more complex and are not covered by this program (see Proposed Treas. Reg. Sec. 1.408-8 for IRAs and 1.401(a)(9)-1 B-2 for Qualified Plans).
