HEADS UP - NEW 2022 Required Minimum Distribution Uniform Lifetime Table

[GailL1]

I didn't know that there was a NEW 2022 RMD table (Uniform Lifetime Table). I have not seen it on any official government site like the IRS but there is plenty about it everywhere else - like large accounting firm sites, Forbes, etc.

FORBES 01/18/2022 Where Are Those New RMD Tables For 2022?

From the link:  

If you hunt hard enough, you can find the draft version of IRS Pub. 590-B for 2021, which was released on Jan. 5. It is located in the IRS’s section on draft tax forms. The regulations that adopted the new tables are found at regulations.gov.

The current IRS Pub. 590-B on IRS.gov is for use in preparing 2020 (not 2021) returns. It does not have the new tables to be used for 2022 RMDs.

The only reason that I was checking was that the amount reported to me by my IRA trustee as my next RMD was really lower than what I had computed.

I don't take it until later in the year so there is still time for this to be verified - anybody else know about this. It evidently stems from one of the covid stimulus legislations - I would feel better if the IRS got it posted soon cause UNDER distribution has its penalty.

[Tonster521]

@GailL1 I found this article on Yahoo Finance that provides info regarding the revised RMD tables. https://finance.yahoo.com/news/good-news-retirees-rmd-formula-213101624.html  The article is easy to read and comprehend. Hopefully, other readers will understand the changes. However, for folks that want to dive deeper into the IRS language, click on the words, "new tables" which are highlighted in the second paragraph. That will link you to the IRS Bulletin that is rather lengthy and somewhat harder to read/comprehend. As an alternative, you can click on the words, "IRS Uniform Lifetime Tables" which are highlighted in the sixth paragraph. It refers the reader to another article that is easy to read and provides the arithmetic formula for calculating a RMD. The bottom line is that the amount of RMD will be less than in the past. 

[GailL1]

Yea, I found the Federal Registry Final Rule 

All this stems from the SECURE ACT passed in 2019 - guess the IRS is just further behind than I thought they were.  

All is well, just posted this so that anybody that maybe checking their up-and-coming RMD amount will not be confused between the old table and the new one.

Yep, now your IRA is supposed to last longer - whoops, there is that nasty inflation throwing in a monkey-wrench.  Life is never perfect - up and down.  

Thanks for the further info.

[MikeB664465]

I don’t have the new table. We don’t have to take it till 72 now, is that right?

[GailL1]

That is correct as long as you reach age 70 ½ in 2020 or later.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions 

My post is actually for those who will be taking a RMD in 2022.