April 1 isn’t just April Fool’s Day. It’s also the latest date to take your first RMD from tax-deferred retirement accounts like IRAs and 401(k)s if you turned 73 last year.
Missing this deadline can result in steep penalties — up to 25% of the distribution shortfall — making it essential to understand the rules and plan strategically. (Though the penalty can be reduced to 10% if corrected through a proper filing within two years.)
