RMD changes for 2023

Forum|Forum|3 years ago
September 29, 2022
2 replies
4 views

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.

DoninGA

Level 15

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

fanfare

Level 15

"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

Ron S1Author

Level 2

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.