[Updated on January 18, 2023 after SECURE Act 2.0 passed at the end of 2022.]
Under the SECURE Act 2.0 passed in 2022, retirement account owners aged 73 and above are required to withdraw a minimum amount from their pre-tax retirement accounts each year. Most people who inherited retirement accounts are also required to withdraw a minimum amount from those inherited accounts. This makes sure taxes aren’t deferred forever. It’s called the Required Minimum Distribution (RMD). The IRS introduced updated life expectancy tables effective January 1, 2022. These updated tables are still in effect in 2023 and beyond.
RMD Rules
You must take the RMD when you’re a participant of an employer-sponsored retirement plan — including both Traditional and Roth 401k/403b accounts — unless you’re still working for that employer. All Traditional IRA owners must also take the RMD. Your own Roth IRA doesn’t require any RMD but you must still take RMD from an inherited Roth IRA.
If you inherited a retirement account as the surviving spouse, you have the option to roll it over into your own IRA. This will usually either postpone or reduce the RMD you must take.
Your first RMD is due on April 1 of the following year when you’re required to take the RMD. Your subsequent RMDs are due on December 31 of each year. If you wait until the following year to take your first RMD, you must take two RMDs in that same calendar year. If you make Qualified Charitable Distributions (QCD) from your IRA, it counts toward the RMD.
The required amount is calculated by dividing the retirement account balance as of December 31 of the previous year by a life expectancy factor. The required amount as a percentage of the account balance goes up with age using a reduced life expectancy factor for each subsequent year.
New RMD Tables Effective January 1, 2022
Back in 2018, President Trump signed an executive order directing the IRS to study the life expectancy tables used to determine RMDs and see whether they should be updated to reflect longevity improvements over the years. The IRS did that and published a new set of RMD tables for years starting on or after January 1, 2022. These new tables will lower RMDs slightly for most ages.
The IRS has updated its Publication 590-B to show the new tables. When you take the required minimum distributions, you should use the new tables to see how much you must take from your retirement accounts to comply with the new regulations.
The IRS first published the new tables in the Federal Register in November 2020. The Federal Register is the place for official records of the federal government. It’s like the books in the county recorder’s office where all the land deeds are recorded. I reproduced the tables here with links to the official source in the Federal Register.
Table I – Single Life Expectancy for Inherited IRAs
Use the Single Life Table when you’re a beneficiary of an inherited retirement account. This includes inherited employer-sponsored retirement plans and inherited IRAs. Please scroll down past the table for a one-time reset procedure.
Don’t use this table when you’re taking the RMD from your own IRA.
| Age | Life Expectancy |
|---|---|
| 0 | 84.6 |
| 1 | 83.7 |
| 2 | 82.8 |
| 3 | 81.8 |
| 4 | 80.8 |
| 5 | 79.8 |
| 6 | 78.8 |
| 7 | 77.9 |
| 8 | 76.9 |
| 9 | 75.9 |
| 10 | 74.9 |
| 11 | 73.9 |
| 12 | 72.9 |
| 13 | 71.9 |
| 14 | 70.9 |
| 15 | 69.9 |
| 16 | 69.0 |
| 17 | 68.0 |
| 18 | 67.0 |
| 19 | 66.0 |
| 20 | 65.0 |
| 21 | 64.1 |
| 22 | 63.1 |
| 23 | 62.1 |
| 24 | 61.1 |
| 25 | 60.2 |
| 26 | 59.2 |
| 27 | 58.2 |
| 28 | 57.3 |
| 29 | 56.3 |
| 30 | 55.3 |
| 31 | 54.4 |
| 32 | 53.4 |
| 33 | 52.5 |
| 34 | 51.5 |
| 35 | 50.5 |
| 36 | 49.6 |
| 37 | 48.6 |
| 38 | 47.7 |
| 39 | 46.7 |
| 40 | 45.7 |
| 41 | 44.8 |
| 42 | 43.8 |
| 43 | 42.9 |
| 44 | 41.9 |
| 45 | 41.0 |
| 46 | 40.0 |
| 47 | 39.0 |
| 48 | 38.1 |
| 49 | 37.1 |
| 50 | 36.2 |
| 51 | 35.3 |
| 52 | 34.3 |
| 53 | 33.4 |
| 54 | 32.5 |
| 55 | 31.6 |
| 56 | 30.6 |
| 57 | 29.8 |
| 58 | 28.9 |
| 59 | 28.0 |
| 60 | 27.1 |
| 61 | 26.2 |
| 62 | 25.4 |
| 63 | 24.5 |
| 64 | 23.7 |
| 65 | 22.9 |
| 66 | 22.0 |
| 67 | 21.2 |
| 68 | 20.4 |
| 69 | 19.6 |
| 70 | 18.8 |
| 71 | 18.0 |
| 72 | 17.2 |
| 73 | 16.4 |
| 74 | 15.6 |
| 75 | 14.8 |
| 76 | 14.1 |
| 77 | 13.3 |
| 78 | 12.6 |
| 79 | 11.9 |
| 80 | 11.2 |
| 81 | 10.5 |
| 82 | 9.9 |
| 83 | 9.3 |
| 84 | 8.7 |
| 85 | 8.1 |
| 86 | 7.6 |
| 87 | 7.1 |
| 88 | 6.6 |
| 89 | 6.1 |
| 90 | 5.7 |
| 91 | 5.3 |
| 92 | 4.9 |
| 93 | 4.6 |
| 94 | 4.3 |
| 95 | 4.0 |
| 96 | 3.7 |
| 97 | 3.4 |
| 98 | 3.2 |
| 99 | 3.0 |
| 100 | 2.8 |
| 101 | 2.6 |
| 102 | 2.5 |
| 103 | 2.3 |
| 104 | 2.2 |
| 105 | 2.1 |
| 106 | 2.1 |
| 107 | 2.1 |
| 108 | 2.0 |
| 109 | 2.0 |
| 110 | 2.0 |
| 111 | 2.0 |
| 112 | 2.0 |
| 113 | 1.9 |
| 114 | 1.9 |
| 115 | 1.8 |
| 116 | 1.8 |
| 117 | 1.6 |
| 118 | 1.4 |
| 119 | 1.1 |
| 120+ | 1.0 |
When you’re taking RMDs from your own accounts, you look up your age each year in the applicable table and use the associated factor to calculate your RMD. It works differently when you’re taking RMDs from an inherited account.
When you take the RMD from an inherited account in the first year, you look up the factor in the Single Life Table. For the second year and beyond, you don’t go back to the table again. You remember the factor used in the previous year and you reduce it by 1.
Now, if you already started taking RMDs from an inherited account and the tables changed, the IRS allows you a one-time reset. You look up the factor in the new Single Life Table for the year when you first started taking RMD from the inherited account. Then you reduce that factor by the number of years since then. This makes it as if the new tables were in effect back when you started. After this one-time reset, you continue to reduce the factor by 1 in each subsequent year.
Table II – Joint Life and Last Survivor Life Expectancy
Use the Joint and Last Survivor Table when your spouse is more than 10 years younger and is the sole beneficiary of your retirement account. You use both your age and your spouse’s age to look up the factor to use in the RMD calculation.
The Joint and Last Survivor table is too large to reproduce here. Please use the link to the Federal Register in the previous paragraph or look it up in IRS Publication 590-B (pages 50-64).
Table III – Uniform Lifetime Table for Your Own IRAs
The Uniform Life Table is the most commonly used table. Use this table to take RMD from your retirement account when you are:
- unmarried; or
- married and your spouse isn’t more than 10 years younger than you; or
- married and your spouse isn’t the sole beneficiary of your account
| Age | Distribution Period |
|---|---|
| 72 | 27.4 |
| 73 | 26.5 |
| 74 | 25.5 |
| 75 | 24.6 |
| 76 | 23.7 |
| 77 | 22.9 |
| 78 | 22.0 |
| 79 | 21.1 |
| 80 | 20.2 |
| 81 | 19.4 |
| 82 | 18.5 |
| 83 | 17.7 |
| 84 | 16.8 |
| 85 | 16.0 |
| 86 | 15.2 |
| 87 | 14.4 |
| 88 | 13.7 |
| 89 | 12.9 |
| 90 | 12.2 |
| 91 | 11.5 |
| 92 | 10.8 |
| 93 | 10.1 |
| 94 | 9.5 |
| 95 | 8.9 |
| 96 | 8.4 |
| 97 | 7.8 |
| 98 | 7.3 |
| 99 | 6.8 |
| 100 | 6.4 |
| 101 | 6.0 |
| 102 | 5.6 |
| 103 | 5.2 |
| 104 | 4.9 |
| 105 | 4.6 |
| 106 | 4.3 |
| 107 | 4.1 |
| 108 | 3.9 |
| 109 | 3.7 |
| 110 | 3.5 |
| 111 | 3.4 |
| 112 | 3.3 |
| 113 | 3.1 |
| 114 | 3.0 |
| 115 | 2.9 |
| 116 | 2.8 |
| 117 | 2.7 |
| 118 | 2.5 |
| 119 | 2.3 |
| 120+ | 2.0 |
A factor of 27.4 at age 72 means that out of a $1 million total balance in the pre-tax retirement accounts as of December 31 of the previous year, someone who reaches age 72 in the current year must withdraw a minimum of:
$1,000,000 / 27.4 = $36,496.35
The factor for age 72 in the previous table was 25.6, which means the required minimum distribution would’ve been:
$1,000,000 / 25.6 = $39,062.50
The new table reduces the RMD by $2,556, which saves a few hundred dollars in taxes.
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Ben says
Do the new tables apply to folks older than 72 who already began taking RMD’s at 70.5 based on the older tables?
Harry Sit says
Yes they do.
Ed says
Do we use the new table for this year’s, 2021, RMD?
Harry Sit says
No. The new tables start in 2022.
Charles Romer says
For someone retired since 2002 who will be 85 in 2022, the new tables reduce the RMD by many thousands! Could that be right? The factor now in place is 14.8 and the new factor 16.0. Even for clearly middle-income folks this makes a large difference for IRAs invested for 20 years or more.
I normally take my RMD the first week in January and begin living on the funds that month. I believe there are many others who do this. We really need the official number before then. Not making this information widely known before year end is a scandal.
I really appreciate your warning us of this. I must now postpone my RMD until I see the new factors confirmed.
Harry Sit says
The current IRS Publication 590-B is still the 2020 edition, last updated in May 2021. I imagine they’ll first update it to the 2021 edition. I’m not sure whether they’ll include both the old tables applicable for 2021 and the new tables applicable for 2022 and beyond in the 2021 edition. If not, it may take another year to see the new tables in the 2022 edition of Publication 590-B.
The Federal Register is as official as it can be. The link at the end of the post also points to an IRS Bulletin on the IRS website.
Charles M Romer says
I think I will ask my fund company for help on this. Sure can not wait a year to decide what to do next month!
Harry D Crowther says
it appears to me that the ‘distribution figures’ in the table you published
do not agree with the distribution figures in the Federal Register document
you linked to.
For example, for age 75 you show 27.4, the Fed Register has 17.2.
The dist. figures in the Fed Register produce significantly larger RMDs.
Please explain.
Harry D Crowther says
Make that…
For example, for age 72 you show 27.4, the Fed Register has 17.2.
Harry Sit says
There are three tables. Each table is used for a different purpose. The table reproduced here is the most commonly used Uniform Life Table, which matches exactly the Uniform Life Table in the Federal Register. The table where you see a factor of 17.2 at age 72 is the Single Life Table, which is used for inherited retirement accounts, not your own retirement accounts.
Harry D Crowther says
Then my concern remains.
The distribution figure in the Fed Register (table B) produces
significantly higher RMDs than the previous version.
The new age 72 dist figure being 17.2, the old was 25.6.
This can’t be the intent of the change.
Harry Sit says
Apples and oranges. Paragraph (b) in the Federal Register is clearly labeled as the Single Life Table. It’s an update to Table I in IRS Publication 590-B, which is used for beneficiaries of inherited retirement accounts. Paragraph (c), which is also linked in this post, is the Uniform Lifetime Table. It’s an update to Table III in IRS Publication 590-B, which is used for withdrawing from your own accounts (except when your spouse is more than 10 years younger and is the sole beneficiary).
When you’re withdrawing from your own accounts, don’t look at Paragraph (b)/Table I. When you’re withdrawing from inherited accounts, don’t look at Paragraph (c)/Table III.
Harry D Crowther says
Ok, my mistake apparently,
using the wrong table. In table C, for
age 72, previously the dist. figure was 25.6,
now it’s 27.4. That leads to a smaller RMD.
This is consistent throughout the table.
Judith Eisenhauer says
I inherited an IRA in 2016. The original owner was my grandfather (who died in 2015) and the original inheritor was my aunt (who died in 2016) As required by the IRS, I have been taking RMDs using my aunt’s life expectency. When she died in 2016, her life expectancy (factor) was 23.5, so the factor for 2022 using the old tables would be 17.5. Do the new tables apply in this situation where I am not the original beneficiary? Would the 2022 factor be 19.4?
Harry Sit says
Yes, 23.5 in the old table is 25.4 in the new table. When the old 23.5 is reduced by 1 six times to 17.5, 25.4 is reduced by 1 six times to 19.4.
Scott Swartz says
Judith,
When you receive an inherited IRA that has already been inherited (in this case your aunt already inherited from your grandfather) you as the 2nd inheritor should be using the same distribution calculation your aunt did when she inherited the IRA from your grandfather. You do not use your aunt’s age at her date of death to determine your required distribution. You need to continue to use your grandfather’s age at his date of death and continue the distribution schedule your aunt was using based on the Single Life Table.
Scott says
Sorry, misread your question. Appears you have it correct. Mea culpa.
M Watkins says
i am totally confused. I am 71, turning 72 in the fall. I inherited my late husband’s IRA when he passed 2 mons ago. I wish to start taking RMD in 2022 as I do not wish to take 2 distributions in 2023. What factor do I use to calculate the correct amount. All the charts I am seeing start listing at age 72. I am 71 and he was 70 so had not started distributions
Harry Sit says
M Watkins – If you were the designated beneficiary, as the surviving spouse you have the option to treat your late husband’s IRA as your own. This allows you to use Table III instead of Table I, which gives you a larger factor and a smaller RMD. A non-spouse beneficiary or a non-designated beneficiary doesn’t have this option.
See IRS chart here:
https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries
Judy Eisenhauer says
I have a follow-up comment/question about RMDs from my inherited IRA. The investment company where my inherited IRA is held calculated that the 2022 RMD would be based on a factor of 17.5 (old tables), not 19.4 (new tables). I haven’t yet contacted them to confirm, but it looks like the new tables are only used if I am the original beneficiary.
Veronica R. Kaufman says
I inherited my mother’s IRA in 2009, the same year I turned 70 1/2 and began taking distributions from my IRA. The rules then were that I could use my factor to calculate what I needed to take from my mother’s IRA. Are the new rules retroactive? or do the original rules continue to apply?
Thank you
Harry Sit says
If by “my factor” you mean using the same factor for both the inherited IRA from your mom and the IRA you own, I don’t see such a rule. Anyway, the rules on which table to use didn’t change. Only the content of the tables changed.
Veronica Rollman Kaufman says
In 2009 Distributions from a. Inherited IRA could be based on the same factor as distributions from an individual’s IRA IF the beneficiary of the inherited IRA had already begun his/her RMDs from his/her IRA. Is that no longer possible? Is the revised regulation Re RMDs retroactive?
Harry Sit says
I have never heard of such a rule. Nor could I find it in this 2009 version of IRS Publication 590. Either I missed it and the rule is still there or you misunderstood and the alleged rule never existed. The section “Which Table Do You Use To Determine Your Required Minimum Distribution?” starting on page 36 said you should use Table I when you’re a non-spouse beneficiary and you should use Table III when you’re the owner (and spouse is not more than 10 years younger etc.).
Paul Matejcek says
What age do I use when looking at the longevity table? My age on 12/31/2021? My age today? My age 2 days ago? My age on April 15? Tables are published that don’t show their effective dates. The penalty for making a mistake on RMDs is huge. I end up overpaying thousands of dollars just to cover my assets.
Harry Sit says
See “What Age(s) Do You Use With the Table(s)?” on page 13 of IRS Publication 590-B. Assuming you’re talking about withdrawing from your own IRA and your applicable table is Table III, use your age as of your birthday in the current year.
Beth H says
Thank you! This article helped a lot. My 2022 RMD didn’t look right, but I followed the instructions given in the article about inherited accounts and a one-time reset which cleared up the calculation. RMD looks good now.
Charlie Wellander says
Very recently IRS put up a draft (not to be used for filing) version of Pub 590-B for 2021, which does include the Uniform Lifetime table (and the other tables) for use in calculating 2022 RMDs. See https://www.irs.gov/pub/irs-dft/p590b–dft.pdf
I once was paid 😊 to read the Federal Register, and I fully agree with Harry Sit that all final rules published therein are as final, if not more so, as anything else that the federal government does. The November 2020 FR document is thus the final decision on the calculation of 2022 RMDs. The IRS draft Publication 590-B of January 5, 2022 simply acknowledges that fact.
Robert B Parente says
You didn’t state explicitly that the “age” you use in the tables is the age you will reach during 2022 and not the age you started 2022 with. (It makes a difference.)
Harry Sit says
See reply to comment #11. The IRS has five full pages of dense text on RMD in general. I didn’t explicitly state many things in there either. If you’re new to RMD, you should read the section in IRS Publication 590-B first. This post is about the new RMD tables. Only the tables changed. Which age to use with the tables didn’t change.
Sharry R. says
Thank You, thank you, THANK YOU, Harry Sit. I delight in figuring out our RMD’s (am impossible at doing budgets) but I usually get the RMD’s correct and have to nudge our financial advisor to use the correct table or correct an end-of-year balance. You are VERY clear. And calm.
Alan DeGacia says
If you have multiple IRAs, can you total them and take one RMD for the required percentage for the total from one IRA or do you need to take an RMD from each IRA?
Harry Sit says
You can take the total from one IRA.
Alan Degracia says
Thx for the quick reply.
Alan DeGracia says
I will be turning 72 in December of 2022. If I delay my RMD till April 1 of 2023 will the tax burden be against my 2022 income or 2023 income?
Harry Sit says
It will be 2023 income. You’ll have to take another RMD for 2023 in 2023.
Art says
Another issue related to turning 72 this year is the effort underway by several unions including NARFE to petition the gov to postpone RMD requirement for 2022 since the market has dropped precipitously since Dec 31, 2021. I’ve been waiting to take my first one ( other than a small withdrawal to test that my account transfer was properly set up) on the (doubtful?) chance that the requirement will be waived. It’s hard to tally year end income accurately, since there are often capital gains distribution surprises, and I’m trying to stay under an additional IRMAA tier cut off. Probably will go ahead and take half the RMD in the fall, but waiting to see if anything comes of the effort to postpone RMD before taking the full 2022 distribution.( may let some carry over til march/April. ) As for taxes, I try to avoid estimated and simply increased withholding from pension, but new RMD complicates matters. My agency withholds 10% automatically and as long as I match last year’s tax burden, I’m hoping I’m in the ballpark. Using RMD to pay taxes is interesting … may look into increasing withholding for that ( and use any excess $ withheld to fund extra I- bonds next April).
GeezerGeek says
Art, if you are able, move more of your investments into index ETFs, which are much less likely to have appreciable capital gains distributions. Of course, that may not be an option if moving from other funds into ETFs create capital gains. However, some companies (Vanguard for one) allow you to convert conventional shares to ETF shares if they offer the same fund as an ETF. There are other advantages of ETFs over mutual funds, including the option to sell/buy the funds during a trading day within a offered limit rather than buying the fund at the price that the fund is valued at the end of the trading day. That certainly gives you more control over capital gains/losses.
Yes, I think using RMDs to pay taxes is a great idea. When I start receiving RMDs in two years, I’m planning on stopping all withholding on other income sources and stop making Quarterly Estimated Tax payments. At the end of the year, I will determine my tax liability and make one tax payment within a RMD. That will provide me a higher income during the year and the amount of tax I pay would be very close to the amount of tax I owe.
Gay says
One of my retirement accounts is a TSA. It has a surrender value as well as an annuity value. What value do I use to compute my RMD? Should I withdraw from my TSA before I withdraw from my 401k?
Should I withdraw my RMD on my birthday each year or take monthly withdrawals?
( I don’t need to withdraw until 2023.)
Harry Sit says
Annuities are more complicated depending on their type. Your annuity provider will calculate the RMD for you. You’ll have to withdraw from both. Which one you do first doesn’t matter. Except for the very first year, you need to withdraw by the end of the year. What time you do it during the year is up to you. Some people do it in January to get it over with. Some people do it in December to hang on as long as possible. Some people do it monthly. Doing it on your birthday works too.
Al Chaiet says
I turned 72 the other day. Is my RMD due when I do my 2021 or 2022 taxes? I take a draw from my IRA each month. How do I figure that out?
Thanks
Jim-"E" says
Here is my question? I will turn 72 in the month of September, 2023. I was told by one tax expert that I don’t have to start paying RMDs until January 1, 2024. I was told by another tax expert that I have to start RMDs all the back to January 1, 2023. Which one is correct? Jim-“E”
Harry Sit says
Neither. Your very first RMD must complete by April 1, 2024 but you can choose to start as early as January 1, 2023. Your second RMD and beyond must complete by December 31 of each year. If you choose to do your very first RMD between January 1 and April 1, 2024, you still have to do RMD for 2024 by December 31, 2024. For simplicity’s sake and not to pile income from two RMDs into one year, most people just do one in each year. Some do it in January to get it over with, lest they forget. Some wait until December to make the money stay in the IRA longer. Some do it throughout the year. It’s your choice.
Jim-"E" says
Thank you Harry for your informative answer, but did you mean January 1, 2024 instead of: …but you can choose to start as early as January 1, 2023?
Harry Sit says
No. You can start your first RMD on January 1 in the year you reach 72 (before your birthday) in the same way you can start your second RMD on January 1 in the year you reach 73. You’re given some extra time for your very first RMD but you don’t have to use it because it’s only one-time and using the extra time causes problems for the second year.
David C. says
The IRS recently published regulations that appear to change the distribution rules for Inherited IRAs. IRS guidance in opinions issued in 2021 was that “non-eligible designated beneficiaries” who inherited an IRA for which the original owner had already begun RMD’s, simply had to deplete the Inherited IRA under the 10-year rule. RMD’s were not required, the account just had to be zeroed by the end of the 10th year following the year of the owner’s death. Can you please clarify? Is there an excise tax now on 2021 RMD amounts that were not withdrawn because beneficiaries were relying on the 10-year rule?
Harry Sit says
The new proposed regulations said they would apply to distributions after January 1, 2022, and —
“For the 2021 distribution calendar year, taxpayers must apply the existing regulations, but taking into account a reasonable, good faith interpretation of the amendments made by sections 114 and 401 of the SECURE Act. Compliance with these proposed regulations will satisfy that requirement.”
You’ll have to make the call on whether that means “It was OK to skip it because that was a reasonable, good faith interpretation.” or “I should take the RMD now for 2021 and request a waiver of the penalty on the late distribution.” Also note the published regulations are only proposed regulations. They may still change.
David C. says
Thank you, Harry Sit. Great reply. It will be interesting to see what regs are adopted when the dust settles. There were already 38 public comments on the Federal Register publication web site when I checked Sunday morning, 4/10/22.
Dan says
Thank you Harry for this information, this is very helpful. It is frustrating that the IRS now in 2022 has published regulations that seem to change the distribution rules for Inherited IRAs that could retroactively change what taxpayers needed to do in 2021, which is obviously already in the past. Taxes returns for 2021 are due in a few days and it’s not clear whether an IRA that was inherited in 2020 actually needed to take ANY RMD for 2021 or not. Many folks originally thought RMDs would not be required at all provided that it was fully distributed after 10 years.
GeezerGeek says
Harry, you commented on an article, “When’s the Right Time to Take RMDs? “, in your 2022/05/20 newsletter (It’s All About Timing) that you would take a RMD in January. Here is a reason, not mentioned in the article, for taking at least part of the RMD in December.
The IRS treats taxes paid as a part of an RMD as if they were paid throughout the year. That means you can use an RMD to pay all of your income taxes, stop making quarterly estimated tax payments, and stop any tax withholding on any other income such as Social Security payments. So rather than having to manage quarterly estimated throughout the year, you just make an annual estimated tax in the form of taxes withheld on your RMD. Plus, you get the use of funds that normally would be withheld for income taxes until the end of the year.
This sounds like a strategy too good to be true and I don’t personally know any one who is doing this but I have found articles that referencing this strategy. Here are a couple of references:
https://financialducksinarow.com/1663/ira-trick-eliminate-estimated-tax-payments/
https://www.kitces.com/blog/estimated-tax-penalties-withholding-retirement-account-required-minimum-distributions/
I haven’t started taking RMDs yet, but when I do, I am planning on making all of my income tax payments with an RMD at the end of the year.
Bruce Collier says
If i turn age 72 on April 24 but I am still employed full time, am I required to or can I request to receive a payment from my retirement as an RMD ?
Harry Sit says
You’re required to take the RMD for all other accounts except for the retirement plan at your current employer. You can still request a distribution even if you aren’t required to take the RMD from the retirement plan at your current employer.
GLS says
I set up a spreadsheet several years ago to estimate my RMD’s at each age. When I went to update based on these numbers you have published here I find they are essentially the same as I put in my spreadsheet several years ago a couple years were different by maybe a tenth but that’s it. They aren’t any different.
GeezerGeek says
GLS, you must have an AI spreadsheet that updates itself. Like you, I created a spreadsheet several years ago, 2016 to be precise, that calculated the RMDs. Here is a short list of the pre-2022 distribution factor versus the 2022 distribution factor:
Age 2022 Pre 2022
72 27.4 25.6
73 26.5 24.7
74 25.5 23.8
75 24.6 22.9
76 23.7 22.0
77 22.9 21.2
78 22.0 20.3
79 21.1 19.5
80 20.2 18.7
81 19.4 17.9
82 18.5 17.1
83 17.7 16.3
84 16.8 15.5
85 16.0 14.8
etc.
The factors significantly different.
Thanks, Ray
-n says
if you miss an RMD 2011 through 2019 (and need to do form 5329), do you use use 2021 590-B or do you go find all the old 590-B as use them for the matching years?
GeezerGeek says
Looks like Harry caught the spam comment and deleted it so my reply is pointless.