If you were born in 1952 or later, you do not have to pay RMDs yet

With most SEP IRA accounts, contributions were deducted from taxable income, which means they were made with pre-tax dollars. Since the contributions were deducted from income before taxes, the IRS would like you to pay taxes on that income, which is why they force you to withdraw some of the account every year, starting when you reach a certain age.

The date you need to start taking RMDs is called your Required Beginning Date (RBD). If you were born in 1952 (enter your birthday for more precise information), then your RBD is April 1, 2026, and your RMD age is 73. You will need to start taking RMDs when you turn 73 in 2025 and no RMDs are due for 2024.