Required minimum distributions $($RMDs$)$ generally begin once a person turns $72,73,$ or $75($depending on when they were born$).$ Which of the following is not correct about RMDs$?$

Group of answer choices

The first minimum distribution must be made no later than the due date of the tax return $($with extensions$)$ following the year in which the participant attains the appropriate age $(72,73,$ or $75).$

After the first RMD$,$ subsequent distributions are required by December $31$ of each year.

The age used to calculate your RMDs in the current year is your age as of December $31$ of the current year.

The balance of your qualified accounts used to calculate your RMDs in the current year is the account balance as of December $31$ of the preceding year.