If you have a Traditional IRA/401k and are 72 or older, please read on.........
Once you reach age 72, you are required to withdraw an RMD from your tax-deferred retirement account each year. December 31 2022 is the deadline to take the RMD.
RMD rules apply to tax-deferred retirement accounts:
Most small-business accounts (Keoghs)
Most 401(k) and 403(b) plans
If you turned 72 in 2022, you are required to take your first RMD by April 1 2023. After that, RMD must be paid out by Dec 31 of each year Your RMD amount is calculated by dividing your tax-deferred retirement account balance as of December 31 of last year by your life expectancy factor. If you have more than one tax-deferred retirement account, this number is the sum of all your account balances on December 31 last year. Your life expectancy factor is taken from the Uniform Lifetime Table. Age 70 71 72 73 74 75
LIfe Expectancy Factor 27.4 26.5 25.6 24.7 23.8 22.9
If you have questions, please let me know.