Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
jimcphillips
March 18, 2022
Question

IRA Distributions

  • March 18, 2022
  • 2 replies
  • 0 views

I am about to turn 72 and have a traditional IRA. When and how much do I need to withdraw?

    2 replies

    DoninGA
    DoninGA
    Employee
    March 18, 2022

    If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

     

    Contact your IRA plan administration and they will calculate the RMD and distribute it to you on a date you specify after you reach age 72 in 2022.

    If you take the RMD in 2023 before April 1, 2023 then you will also have to take another RMD on or before 12/31/2023.

    LudwigVan_fan
    LudwigVan_fan
    Employee
    March 19, 2022

    This will lay things out for you.  Also provide links for further detail

     

    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

     

    **Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification