2022 RMD Processing Deadline

2022 RMD Processing Deadline
October 14, 2022

Notice from SILAC: For clients needing to have an RMD handled by year end for 2022, all RMD forms must be in house by 12/15/2022 to ensure that the RMD is processed by 12/31/2022.

Information About RMDs

You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Due to changes made by the SECURE Act, if your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72.

So, once the individuals turns the appropriate age, those withdrawals must begin no later than April 1 of the following year.

Read more about RMDs on the IRS website

Your client only has to take out the Required Minimum Distribution (RMD) on pre-taxed money. That’s the whole purpose of the RMD existing.

If they’re starting up an annuity with money that has already been taxed (say, money from their savings account or a Roth IRA – which was taxed in the beginning), they don’t need to pay attention to the RMD.

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