LOWER REQUIRED MINIMUM DISTRIBUTIONS FROM IRA'S!-- New IRS Tables are live!

Описание: LOWER REQUIRED MINIMUM DISTRIBUTIONS FROM IRA'S! -- New 2022 IRS Tables are live! The RMD rules apply to all employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs. The RMD rules also apply to Roth 401(k) accounts. However, the RMD rules do not apply to Roth IRAs while the owner is alive. More Below.

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***DO NOTE: ERRORS IN THE VIDEO. CALCULATIONS INCORRECT. CHECK THIS VIDEO    • HOW TO CALCULATE RMDs FOR RETIREES  . Will be reviewing the video. This one will remain because conceptually it is accurate. Will replace when new video is made. See amazing comments below for clarity.***

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The Details:
You must take your first required minimum distribution for the year in which you turn age 72 (70 ½ if you reach 70 ½ before January 1, 2020). However, the first payment can be delayed until April 1 of 2020 if you turn 70½ in 2019. If you reach 70½ in 2020, you have to take your first RMD by April 1 of the year after you reach the age of 72. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.

A different deadline may apply to RMDs from pre-1987 contributions to a 403(b) plan

Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). Choose the life expectancy table to use based on your situation.

Joint and Last Survivor Table - use this if the sole beneficiary of the account is your spouse and your spouse is more than 10 years younger than you
Uniform Lifetime Table - use this if your spouse is not your sole beneficiary or your spouse is not more than 10 years younger
Single Life Expectancy Table - use this if you are a beneficiary of an account (an inherited IRA).

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

DISCLAIMER: The information provided in these videos is only to be considered helpful hints and education. Nothing said or shown in any of these videos is to be misconstrued as specific tax, legal or investment advice. Consult with your tax, legal or investment professional before acting on anything you see in these videos.