pmacduff Posted July 12, 2021 Posted July 12, 2021 ok - so along with the age change for the first rmd from 70 1/2 to 72, I see that there are new tables for the calculations. Just want to be sure I'm understanding; it appears that the new table must be used in 2022 and going forward. Therefore for 2021 I can use the "old" table? That's what my software used as well but looking for confirmation... Thx in advance
BG5150 Posted July 12, 2021 Posted July 12, 2021 That is my understanding as well. Luke Bailey 1 QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Mike Preston Posted July 12, 2021 Posted July 12, 2021 43 minutes ago, BG5150 said: That is my understanding as well. Confirmed Luke Bailey 1
C. B. Zeller Posted July 13, 2021 Posted July 13, 2021 Keep in mind that RMDs due 4/1/2022 (for someone who was 72 and terminated in 2021) are still technically 2021 RMDs and will use the 2021 table. Luke Bailey and ugueth 2 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
G8Rs Posted July 14, 2021 Posted July 14, 2021 Agreed. The 4/1/22 RMD is based on the old tables and the next one due by 12/31/22 is based on the new tables because it’s for the 2022 distribution calendar year. Luke Bailey and ugueth 2
BG5150 Posted July 14, 2021 Posted July 14, 2021 When will the new tables be available? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
C. B. Zeller Posted July 14, 2021 Posted July 14, 2021 They're available now. https://www.law.cornell.edu/cfr/text/26/1.401(a)(9)-9 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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