Turning Age 72 on December 26, 2021
Does client have until Dec 31st of 2021 to withdraw her RMD if she reaches age 72 on December 26th, 2021?
Or, is it 6 months after she turns age 72 that she is required to withdraw her RMDs?
Does client have until Dec 31st of 2021 to withdraw her RMD if she reaches age 72 on December 26th, 2021?
Or, is it 6 months after she turns age 72 that she is required to withdraw her RMDs?
Permalink Submitted by Alan - IRA critic on Mon, 2021-12-06 22:18
2021 becomes the client’s first RMD distribution year. Since it is the first RMD year, the 2021 RMD can be taken in whole or in part this year, or deferred in whole or in part to as late as 4/1/2022. The 1/2 year RMD age was eliminated by the Secure Act. If client does defer the RMD, then client will have both the 2021 and 2022 RMDs taxable in 2022. Finally, if the client took any earlier IRA distribution on 1/1/2021 to the present, that would count toward the 2021 RMD since 2021 is an RMD year.