Q: Will there will be an RMD due in 2022 based on the 12/31/2021 EI value even though the IRA Annuity will cease to exist in July 2022.?
A. Yes. Your RMD in the first year of annuitization is based on your prior year account balance, so you’ll need to make sure that the total payments you receive during the first year of the annuitized contract are equal to or greater than the calculated RMD. If they are less, then you would need to make up the shortfall from non-annuity holdings in your IRA.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
