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Newbie

RMD, two accounts, turned 72 this year

I turned 72 in August of 2022.  I know the minimum withdrawal requirements and when.  However, I did receive a notice last year from my IRA (fixed index annuity) of what my withdrawal for the year of 2022 needs to be, but DID NOT receive a notice from my 401k retirement fund.  Do I need to wait for a notice from them, or will they NOT send me one and do I have to make my own calculation???

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Newbie

Contact the recordkeeper for the plan and they will tell you the required withdrawal amount based on your balance from 12/31 of last year. Since this is a 401k plan, you must take your RMD from that plan.

 

If you have multiple IRA accounts, you are able to pull a larger distribution from one IRA to cover the required amounts from your other IRA accounts. 401k plans do not allow this, so make sure you take a payment from that plan.

 

Timing-wise, you can take it by 12/31 of this year or you can delay until April 1st of next year.

 

The three month delay until April is only allowed for your first RMD; future payments must be taken by 12/31 each year. Keep in mind, if you delay, you will need to take two next year (payments for 2022 and 2023). This may or may not make sense...delaying could allow more time for a market rebound...maybe you have other income this year so pushing the income to next year will help...finding a good planner with tax knowledge can be helpful for this decision.

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Silver Conversationalist

If you happen to have any ROTH IRAs - be aware that they do not have RMD.  One of the great things about the ROTH IRAs.

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