
Born In Second Half Of 1949? Act By April 1 To Avoid RMD Penalty
If you turned 72 during the second half of 2021, but did not take your first RMD last year, you will need to do so by April 1 or face a 50% excise tax.
If you turned 72 during the second half of 2021, but did not take your first RMD last year, you will need to do so by April 1 or face a 50% excise tax.
In the recently released official IRS Pub. 590-B for the 2021 tax season, there are more details on how to calculate the effect of deductible IRA contributions on QCDs.
2022 may bring a transition for those who have been taking life expectancy distributions from inherited IRAs.
The official version of IRS Publication 590-B for the 2021 tax year includes the new life expectancy tables used to calculate RMDs from retirement accounts.
If you filed your 2021 tax return early online and opted for a direct deposit into your bank account, you may already see your refund on deposit.
If you have deductible contributions to your IRAs after age 70 1/2, they can reduce the maximum amount for your qualified charitable distributions (QCDs).
If you do an online search for the new RMD tables to use for your 2022 RMD, you might find yourself going in circles. But there are ways to locate them.
QCDs are a good way to donate to charity using your IRA account. But, there are age requirements, monetary limits and protocols to follow.