Do we need to take the money out from our IRA account this year?

kkdwoo · ‎August 28, 2021

DoninGA · ‎August 28, 2021

No one here would know if you need to withdraw from an IRA account.

Why do you ask?

SteamTrain · ‎August 28, 2021

In case you are wondering, and are of an age where you are normally expected to take an RMD from an IRA ...., while RMDs were suspended for 2020 taxes, Congress has not suspended taking an RMD for 2021 taxes.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Hal_Al · ‎September 1, 2021

Required Minimum Distributions (RMD) were not required for 2020, because of the Covid law. Congress has not extended (and is not expected to extend it) that provision to 2021. So, RMDs are required for 2021, for those who fall under the standard RMD rules.

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Do we need to take the money out from our IRA account this year?