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.
You'll need to sign in or create an account to connect with an expert.
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-di...
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
GERR
Level 2
Raph
Community Manager
VolvoGirl
Level 15
jlawhorn129
Level 1
bigjon1452
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.