2022 Required Minimum Distributions (RMDs) – Important Update

The IRS recently put forth a new set of life expectancy tables for the first time in 20 years. This new table has a longer life expectancy which reduces RMD amounts. Most importantly, the new tables can be used by anyone who is taking RMDs, even those who inherited an account a long time ago. Even though the rules for an inherited IRA RMD are to subtract 1 from the prior year’s RMD factor, these new tables supersede that rule. If in the past you’ve calculated your own RMD, make sure you are using the new life expectancy tables for 2022!

Here is the IRS website if you want to more information:

https://www.irs.gov/irb/2020-49_IRB#TD-9930

Mark Haser, M.B.A., CFP®
Mark Haser, M.B.A., CFP®
Mark is a Partner and Wealth Advisor with Artemis Financial Advisors LLC. He has an MBA from Boston College’s Carroll School of Management and is a Certified Financial Planner (CFP®) professional. Mark helps physicians and high-income families to optimize their cash flow, minimize taxes, and build a plan for long-term financial success.

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