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louis10, because you will reach age 72 in December 2021, your Required Beginning Date for RMDs is actually April 1, 2022. That means that you do not have to take your RMD for 2021 until April 1 2022 if you want to delay it that long, but your RMD for 2022 will still be due by December 31, 2022. If you don't take your 2021 RMD until 2022, you'll have two RMDs to include on your 2022 tax return. Be aware, however, that any distribution you do take in 2021 will be part of your 2021 RMD until your 2021 RMD is satisfied.
@louis10 wrote:
The RMD requirement was extended due to the pandemic. Congress passed extension last year. MY retirement provider has informed me that i will not need to do a RMD until 12/31/2021. You should update Turbo with this new law.
The *2020* RMD was totally eliminated, not extended, but that does not apply to 2021 (or beyond) RMD's. 2021 RMD's will be reported on the 2021 tax return next year in 2022.
Thanks for the clarification. This will be a big help for my RMD Planning in 2021 and 2022.
Lou
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