Tax-deferred retirement savings accounts are a fabulous deal for taxpayers, allowing you to put off paying taxes on the money that goes into these accounts for years or even decades. However, the IRS’s generosity only goes so far: after a certain point, the agency wants to get its hands on the taxes you owe for that money. The “certain point” arrives the year after you hit age 70 ½, which is when you will first become subject to required minimum distributions, or RMDs.