April 1, 2023, is the Required Minimum Deposit deadline for some seniors receiving their first required distribution from an IRA, 401(k), or other similar workplace retirement plan, according to the IRS.

According to Kiplinger: “Required minimum distributions (RMDs) are a hot topic for many seniors and retirees in part because the requirements for taking money out of retirement savings plans like IRAs and 401(k)s can have practical, financial, and tax impacts. And, because of a special rule, if you turned 72 last year (i.e., during 2022) the deadline for taking your first RMD is now just a few weeks away, which for some, could mean two RMDs for 2023. So, here’s what you need to know about the upcoming RMD deadline and what new RMD rules apply if you fail to take an RMD on time.”

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