topic Re: RMD changes for 2023 in Tax law changes

RMD changes for 2023

Ron S1 — Thu, 29 Sep 2022 17:33:26 GMT

Since the market is down so terribly bad and effects of recession, is there any RMD changes for tax year 2022? We 70+ people are being forced to withdraw from our retirement at a very bad loss due to the huge market drop.

Re: RMD changes for 2023

DoninGA — Thu, 29 Sep 2022 18:05:35 GMT

There are no tax code changes which affect the RMD for tax year 2022.

Go to this IRS website for RMD information - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

Re: RMD changes for 2023

fanfare — Tue, 04 Oct 2022 15:01:05 GMT

"We 70+ people are being forced to withdraw from our retirement at a very bad loss "

If you did not raise cash and/or take your 2022 RMD early in the year, you're sorry now.

For 2023, if your IRA is smaller, your RMD will be smaller also.

@Ron S1

Re: RMD changes for 2023

Ron S1 — Tue, 04 Oct 2022 18:24:58 GMT

Our politicians want to have us (senior) tax payers to pay 10-20K for other's college. Let's see what help they will give seniors harmed by their self-induced inflation ---> recession.

Re: RMD changes for 2023

fanfare — Tue, 04 Oct 2022 21:47:43 GMT

In England, the government has capped everyone's heating bill, even high-income folks.

That's unlikely to happen in the U.S.A.