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RMD For Owner


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Have an owner who just reached Age 72 on 6/14/22. Plan Year is 4/1/21- 3/31/22. Under Secure 2.0 he has to take his RMD by either 12/31/22 or 3/31/23 (if he takes 2 RMD's in 2023). Two questions:

1- Do I use the value of his Account Balance in the Plan at 12/31/21? Or use the valuationAccount Balance at 3/31/21 or 3/31/22? If I have to use 12/31/21, an interim valuation would be required.

2- I have read that the senate and house are working on a bill extending the RMD to 73 in 2023.  Would that help him in any way?

Thank you for your help.

Richie

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You would use the last valuation date on or before 12/31.  So if that's 3/31 without any daily val language or interim valuations, then that's what you use.  (Although any contributions/distributions allocated "by" 12/31 could adjust that dollar figure.)

And any 2023 RMD age updates won't affect 2022's calculations.

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