RMD

2 replies
39 views

Are there any changes to RMD requirements for tax year 2022? Since the Market is in a down turn withdrawing money from IRA's is a double whammy if the Market doesn't recover by Decmber 31.

Not A Product Question

DoninGA

Level 15

The tax code concerning RMD's has not changed 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

dmertz

Level 15

The only change for 2022 is that the life-expectancy tables have been updated for 2022 and beyond, so make sure that you are using the updated life-expectancy table when calculation the amount of your RMD. Market performance during 2022 has no effect on the calculation of your RMD for 2022 but having a lower 2022 year-end balance will reduce the amount of the RMD that you would otherwise have for 2023. It's not a bad idea to have some amount of your retirement income invested in relatively stable funds from which you can take the RMD without worrying about taking the RMD during a down market.