T. Rowe Price Help Center

• Your first RMD: Must be taken by April 1 of the year after the year you turn age 73.* 
• Keep in mind: If you defer your first RMD until April 1, you’ll also need to take your second RMD In the same year. This additional income could have significant tax implications to consider.
• Subsequent RMDs: Must be taken by December 31 of each year.
• Avoid costly penalties. RMDs aren’t optional. If you don’t take your RMD, or take out too little, you may be faced with an IRS penalty tax up to 25% of the amount not distributed. Penalty tax may be further reduced to 10% if corrected within 2 years.

*The SECURE Act of 2019 changed the RMD age requirement from 70½ to 72 and is applicable to those who turned 70½ on or after January 1, 2020. The Secure 2.0 Act of 2022 changed the RMD age to 73 in 2023 only for individuals who turn 72 on or after January 1, 2023. The new law also provides that the RMD age will change again to 75 in 2033.

Learn more about RMD deadlines and penalties.

Your RMD for a year is determined by dividing the previous year-end's fair market value (on December 31) by the applicable distribution period (from the appropriate IRS life expectancy table). The year-end value may need to be adjusted for certain events.

Your RMD changes each year, based on your balance and age. If you don’t take the correct RMD amount, IRS penalties may apply. If you're a T. Rowe Price client with an RMD eligible account, log in to manage your RMD.

Are you a T. Rowe Price client? Log in to see your existing distributions and plan your upcoming RMD using the Auto-RMD tool.

By logging in you can set up recurring distributions from eligible accounts using the Auto-RMD tool, take a one-time distribution from eligible accounts, or update existing distribution programs.

If you don’t need your RMD for living expenses, here are three ways you could potentially put your RMD to work for the things that matter most to you—reinvest your RMD into a general investing account, save for a loved one's education by investing in a 529 college savings plan, or support a charity by donating to one or more charities. 

Generally, you can distribute up to $105,000 for 2024 (indexed for inflation) directly from a Traditional IRA to qualified charities each year. QCDs can count toward your RMD and won't be included in your taxable income. Make a QCD online or download and submit the QCD Form within the required timeline.

Exclusive tiered benefits included in the Summit Program include special access to lower-cost shares and closed T. Rowe Price mutual funds, and invitation-only events with investment experts. The Program is subject to change without prior notice.

Visit Summit Program Benefits to learn more. 

Your benefit tier is based on the amount of assets in qualifying accounts and other accounts that you or members of your Summit household have with T. Rowe Price. The Program is subject to change without prior notice.

View the Summit Program tiers for more information.

When eligible, converting from Investor Class to corresponding I Class shares of the same mutual fund is free of charge and tax-free (except as noted below) and in most cases maintains the same account number. 

I Class conversions take place quarterly. T. Rowe Price will make reasonable efforts to notify you when one or more of your mutual fund accounts is eligible for I Class. Such notice will provide information about periodic, automated I Class conversion opportunities. You also may contact us to request conversion from Investor Class to I Class for eligible accounts.

If you request/place a transaction in your Investor Class account(s) after market close on the day your shares have converted from Investor Class to I Class shares, such activity will generally be processed in your new I Class account(s), and you will receive a confirmation of the activity.

If you have opted out of this benefit, your decision will apply to future I Class conversion opportunities across your qualifying accounts, and we will not notify you of future I Class eligibilities. You may update this direction at any time by contacting us.

There are circumstances that could prevent the automated conversion process from occurring, including:

• Accounts with certain restrictions, such as an account freeze or purchase block, may not be eligible for the conversion to I Class shares.
• Certain accounts, including T. Rowe Price Brokerage sweep accounts and small business retirement plans with more than one participant that are held directly with T. Rowe Price, are not eligible to invest in the I Class, regardless of account balance.

Investments in certain Retirement Funds, such as T. Rowe Price Retirement 2030 Fund or T. Rowe Price Retirement Balanced Fund, are not eligible for automatic conversion. Account balances in Retirement Funds require an exchange from the Retirement Fund to the Retirement I Fund - I Class (i.e., a redemption and purchase across different mutual funds). This type of transaction could create a taxable event for you if your Retirement Fund is held in a taxable registration. To direct an exchange from a Retirement Fund to a Retirement I Fund – I Class, please call us at 1-800-779-4393. If you have questions, please contact us.

Mutual funds must distribute any dividends and net realized capital gains earned on their holdings over the prior 12 months, and these distributions are taxable income even if the money is reinvested in shares in the fund.

Depending on how the funds in your portfolio performed over the last 12 months and whether distributions were taken, you may be noticing a change in your balance based on your dividends and net realized capital gains.

For more information on capital gains, read “End-of-Year Tax Considerations for Capital Gains: Understanding Mutual Fund Distributions” from CFP Roger Young.

View T. Rowe Price Mutual Fund Dividend Distributions for more information on distributions to shareholders and schedules.  

Clients can log in and see a tax summary for their realized gains/losses, capital gain distribution, and income dividends for 2022 and 2021.

Visit the Tax Planning Center for tax forms, resources, and planning information including Mutual Fund Dividend Distributions.

View the Tax Information Mailing Schedule for when T. Rowe Price tax statements, forms, and packages necessary for your tax planning will be sent.

View T. Rowe Price Mutual Fund Dividend Distributions for more information on distributions to shareholders and schedules. Owners of ETFs can find relevant distribution and scheduling information on T. Rowe Price Exchange Traded Funds (ETF) Dividend Distributions.

Clients can access up to seven years of tax forms issued by T. Rowe Price in the Statements section of their accounts.

Visit our Tax Forms section to view and download IRS forms, listed by form number.