An RMD Deadline is Approaching Quickly – And Missing It Could Cost You Big Bucks

If you're age 72 or older, take your required minimum distribution now to avoid a big penalty or a double-dip next year.

alarm clock and a post-it note with "deadline" written on it
(Image credit: Getty Images)

There's still time to beat the RMD deadline and withdraw your required minimum distribution from your traditional IRA, 401(k) or other retirement account (except a Roth IRA) for 2022…but you better hurry! The due date for taking this year's RMD is December 31 for most seniors who are at least 72 years old. That's just a few weeks away!

And if you don't take enough out of your retirement plans this year, you could be hit with a 50% penalty from the IRS on the amount not distributed as required. That's a big penalty that you certainly want to avoid.

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.