Q: I turned 73 on March 15, 2024. When is my first required minimum distribution?

A: The first RMD could have been delayed till April 1, 2025. However, whether or not the first mandatory withdrawal is delayed until April, the second one must be completed by Dec. 31, 2025.

Q: My dad has a Roth account in a 401(k) plan. Does he have to follow any withdrawal rules?

A: Since 2024, Roth accounts in a 401(k) plan have no mandatory withdrawal rules. However, beneficiaries of regular Roth accounts and 401(k) Roths must follow RMD rules.

Q: Has the gift rule changed? I am considering giving $7,000 to my brother. Do I get a deduction for my gift?

A: The amount that you can gift-give is $18,000 annually to any person without triggering a gift tax. If you are married and your spouse is in agreement, you can double the annual gift to $36,000. You do not get a tax deduction and the recipient does not declare the gift as taxable income.

Q: What threshold must a taxpayer exceed for medical expense deductions in 2024?

A: The medical expense deduction has a threshold of 7.5% of adjusted gross income. A taxpayer must use Schedule A to list medical expenses. If Schedule A is greater than the standard deduction, use Schedule A.

Richard Rysiewski, a certified financial planner, welcomes all questions on tax and financial matters. Send them to Richard Rysiewski, Financial Doctor, 3001 Hartford Lane, Shelby Twp., MI 48316.