Saturday, December 12, 2020

Updates to RMD tables

 The IRS has issued its Final Rule updating the tables used for the calculation of required minimum distributions from IRAs and other retirement accounts. These control the distributions to the participant (the worker whose earnings funded the account) and to his/her spouse if the election to convert the account is made. They do not apply to accounts inherited by a nonspouse designated beneficiary. 

Due to increase life expectancies, the divisors are a bit higher and hence the annual required distributions will be a bit lower.  

The new tables will go into effect for required distributions for 2022 and after. They are included as an appendix to IRS Publication 590b. 

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