RMD Reminder

For the 2021 tax year, the requirement to take minimum distributions from retirement accounts once again applies.  The requirement was suspended for the 2020 tax year, due to the pandemic.

Practitioners should consider reminding affected clients about this requirement.

In general, the requirement now applies to individuals who are 72 years or older.  (Special rules and considerations continue to apply to those who remain working past that age and for inherited retirement accounts.)