SEP IRA RMD

Submitted by John Fitch on Thu, 2022-12-29 18:39

My client funded a SEP IRA in 2022 for the 2021 tax year, does an RMD need to be taken in 2022? My client is 82.



Submitted by Alan - IRA critic on Thu, 2022-12-29 18:57

Not if this 2022 contribution was the initial SEP contribution, even being a 2021 contribution. The 2022 RMD for this SEP IRA is based on the 12/31/2021 actual balance, and if that balance was 0, there is no 2022 RMD for this SEP IRA.

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