Hi all,
I'm hoping a tax professional can assist with this question.
If someone older than 74 opens a Traditional IRA in March 2022 (to take advantage of the 2021 tax deduction), when would the first RMD need to be taken? The IRS website says that the first RMD must be taken by April 1, 2022 (because of age), but if the account was just opened in 2022 is that correct? Or would it be by December 31st? If RMD was taken by April 1, 2022 wouldn't that take away from the maximum contribution reported in 2021.
