topic I understood Mandatory Distributions for pre- tax savings were changed changed from age 70 1/2 to age 72, Turbo Tax still refers to the former, why? in Get your taxes done using TurboTax

I understood Mandatory Distributions for pre- tax savings were changed changed from age 70 1/2 to age 72, Turbo Tax still refers to the former, why?

ebristol — Fri, 05 Mar 2021 19:07:36 GMT

Re: I understood Mandatory Distributions for pre- tax savings were changed changed from age 70 1/2 to age 72, Turbo Tax still refers to the former, why?

Chris_R — Fri, 05 Mar 2021 19:17:20 GMT

For the first year following the year you reach age 70½ (age 72 if born after June 30, 1949), you will generally have two required distribution dates: an April 1 withdrawal (for the year you turn 70½ (or 72 if born after June 30, 1949)) and an additional withdrawal by December 31 (for the year following the year you turn 70½ (or 72 if born after June 30, 1949)).

Re: I understood Mandatory Distributions for pre- tax savings were changed changed from age 70 1/2 to age 72, Turbo Tax still refers to the former, why?

SteamTrain — Fri, 05 Mar 2021 19:30:30 GMT

the crossover can get confusing...to both individuals and for putting in the proper number in various software pages.

For anyone reaching 70.5 at any time in 2019 or before, the 70.5 age still applies. IF they turned 70.5 after 2019, then the 72 age applies.

EXCEPT, that the COVID changes in 2020,allowed RMD's from IRA's and 401k's to be suspended entirely during 2020.....any plan where the user has to initiate a withdrawal to satisfy the RMD every year. (BUT anyone turning 70.5 in 2019, but delayed their first RMD until early 2020 still had to take that RMD...that was not suspended)

Pension distributions that were started and paid monthly automatically during retirement, will technically still have RMDs at age 70.5 or 72...but whatever they paid out is the RMD.