Tax information

At age 74 and older, your deadline for taking a required minimum distribution (RMD) is December 31 each year. However, if you're turning 73 this year and it's your first RMD, you have a one-time option to delay taking the first RMD until April 1 of the following year.

Note: If you elect to delay your first RMD to no later than April 1 of the following year, you'll need to take your second RMD by December 31 of the same year.

When you take a required minimum distribution (RMD), the money is taxed as ordinary income and, as a result, may be subject to both federal and state taxes.

When you take a required minimum distribution (RMD), Fidelity withholds 10% of the amount you take for federal taxes—unless you advise us otherwise. You can choose to have us withhold more, or you can opt for no withholding at all, with you assuming responsibility for your full IRS tax bill when filing your tax returns.

The state taxes for required minimum distributions (RMDs) are based on state income tax rates and rules, which vary state to state.

After you reach age 73, required minimum distributions (RMDs) must be taken from these types of tax-deferred retirement accounts:

• Traditional, rollover, SIMPLE, and SEP IRAs
• Most 401(k) and 403(b) plans
• Most small-business accounts [self-employed 401(k), profit sharing plan, money purchase plan]