Required Minimum Distribution (RMD) is the amount a person must take from their retirement accounts.
According to the IRS:
"Beginning date for your first required minimum distribution
- IRAs (including SEPs and SIMPLE IRAs)
- April 1 of the year following the calendar year in which you reach age 70½, if you were born before July 1, 1949.
- April 1 of the year following the calendar year in which you reach age 72, if you were born after Jun 30, 1949.
- 401(k), profit-sharing, 403(b), or other defined contribution plan
Generally, April 1 following the later of the calendar year in which you:
- reach age 72 (age 70½ if born before July 1, 1949), or
- retire (if your plan allows this)."
IRS LINK
There are limits to the amount you can claim as a qualified contribution. What you can't claim in the current tax year might be carried to the next year's return.
"Carryover rule.
You can carry over any qualified contributions you aren’t able to deduct in 2021 because of this limit."
IRS PUB 526
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