DPSRich Posted June 30, 2022 Share Posted June 30, 2022 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 Link to comment Share on other sites More sharing options...
Bri Posted June 30, 2022 Share Posted June 30, 2022 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. JOH, Luke Bailey and ugueth 3 Link to comment Share on other sites More sharing options...
DPSRich Posted July 1, 2022 Author Share Posted July 1, 2022 Thank you very much and have a good weekend. Richie Link to comment Share on other sites More sharing options...
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