Will the IRS double RMDs in 2021 to make up for lost revenue in 2020? The new life expectancy tables will result in the first RMD for an owner age 72 dropping from 3.91% to 3.67%. Highly unlikely. This includes the first RMD, which individuals may have delayed from 2019 until April 1, 2020. In 2021, using the new updated Uniform Lifetime Table, a 75-year old’s RMD will be 4.07%. For instance, in 2019 a 75-year old had an RMD equal to 4.37% of a retirement account balance. Which, for lifetime RMDs for existing retirement account owners, is fairly straightforward – to simply use the new table in 2021 – though those who defer their first age 70 ½ RMD from 2020 into 2021 must still use the ‘old’ tables for the 2020 RMD. The CARES act temporarily waives required minimum distributions (RMDs) for all types of retirement plans (including IRAs, 401(k)s, 403(b)s, 457(b)s, and inherited IRA plans) for calendar year 2020. The IRS published proposed changes to RMD percentages in November. In 2021, using the new updated Uniform Lifetime Table, a 75-year old’s RMD will be 4.07%. Posted on February 14, 2020. The rule making process will be completed this year and new, lower RMD percentages will likely take effect for 2021. That said, all RMDs for 2020 have been waived due to the coronavirus pandemic.The temporary waiver also applies to people who were required to take their first RMD in 2019 but planned on delaying until April 1 (the extra time they get because it is the first time). Let’s say you had an RMD of $15,000 for 2020 and you took it out on March 1, 2020. This post describes those changes and what I think that means for us retirees. Highly unlikely. That didn’t happen in 2010. You have 60 days from March 1, 2020, to roll over $15,000 into an IRA. 1 The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2020 increased the required minimum distri­b­ution age from 70½ to 72 effective January 1, 2020. Will the IRS double RMDs in 2021 to make up for lost revenue in 2020? A required minimum distribution (RMD) is the amount of money that must be withdrawn from a […] SEE ADDITIONAL RMD OPTIONS UNDER THE CARES ACT (July 2020) Taxpayers who have attained the age of 70½ must begin to consider taking distributions from qualified retirement plans, simplified employee pensions (SEPs), Simple IRAs and traditional “non-Roth” IRAs.

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