When Do You Take Your Ira Required Minimum Distribution?

Discussion in 'Money & Finances' started by Lon Tanner, Jan 2, 2021.

  1. Lon Tanner

    Lon Tanner Veteran Member
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    I just went online and took mine. I see no reason to wait.
     
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  2. Al Amoling

    Al Amoling Veteran Member
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    I get mine in June
     
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  3. Lon Tanner

    Lon Tanner Veteran Member
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    I hope it will be your 2021 distribution and not 2020.
     
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  4. Al Amoling

    Al Amoling Veteran Member
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    It's my 2021. Already spent 2020 one Usually use part of it to pat real estate tax
     
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  5. Lon Tanner

    Lon Tanner Veteran Member
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    I spent my 2020 also.
     
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  6. John Brunner

    John Brunner Very Well-Known Member
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    I should start taking some 401k distributions, withdrawing enough so that I do not incur a tax liability (less than $13,850)

    Federal law used to require that we take Minimum Distributions (a % of the balance) of taxable 401ks and IRAs beginning the year that we turn 70 1/2. I just read that the law changed starting in 2020. The age got bumped up to 72. The amount is not a whole lot. At age 72, it's 3.7% of the balance, if I understand correctly.

    That linked article also says that Minimum Distribution requirements got suspended for 2020 (a little late now) as part of a COVID relief package.
     
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