The Internal Revenue Service is not fooling around in letting retirees know about the April 1 deadline to start receiving payments from a variety of workplace retirement plans.

Payments from retirement plans, such as individual retirement arrangements or 401(k) plans, are usually made by the end of a year. However, retirees who turned 72 last year are covered by a rule allowing participants in workplace retirement plans to wait until as late as April 1 this year to take their first required minimum distribution payment, or RMD, the IRS announced Thursday.

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This deadline only applies to retirees receiving their first RMD, after which future RMD payments must be made by Dec. 31. Recipients who are receiving this RMD by April 1 should also know that it is taxable for the 2022 tax year and needs to be reported on one's 2023 tax return.

Retirees who should be aware of this deadline include those who own traditional, SEP, and SIMPLE IRAs while the original owner is alive, as well as those who own 401(k), 403(b), and 457(b) plans. For the 2022 RMD, the amount can be found on the 2021 Form 5498, which was issued to owners of retirement plans in 2022.

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In some cases, the deadline to receive one's first RMD does not apply to April 1, such as those who are still working for their employer. In this case, most of these people can wait to receive their RMD payments if their workplace plan allows it.

More information regarding this deadline can be found online on the IRS's website.