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What 2022 May Mean for Your Retirement Accounts

By Sarah Brenner, JD
Director of Retirement Education

By Sarah
                                                          Brenner, JD

Pop the champagne! It is almost time to turn the page on the calendar to a new year. What will 2022 mean for your retirement accounts? All signs point to a very busy year ahead. Here is what we may expect for retirement accounts in 2022.

1. New life expectancy tables for calculating required minimum distributions (RMDs) go into effect. In 2022, at long last, the IRS has put new life expectancy tables in place for calculating RMDs from retirement accounts. The new tables are good news for account holders because they will mean slightly smaller RMDs on account of longer life expectancies. These new tables can be used by anyone who is taking RMDs, even those who inherited an account a long time ago or those way beyond their RMD required beginning date. One exception is for those who reached 72 in 2021 and decided to delay their first RMD into 2022 (before April 1, 2022). Those individuals need to use the old tables to calculate that delayed 2021 RMD even though they can take it in 2022.


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Q: I have a client, age 65, who passed away and left her IRA to her estate. Two nephews and a niece are beneficiaries of the estate. Is there a way to add beneficiaries after her passing? I spoke with a financial company, and they said you need some type of court order or ruling to allow this. They indicated that it happens and is allowable, but gave no further details. This would allow us to change the IRA beneficiary to the nephews and niece, and distribution would be over 10 years under the SECURE Act vs. 5 years.

Answer

Q: If the owner of an inherited IRA was required to take RMDs from the IRA prior to his death, can a beneficiary who is younger than age 70 1/2 request QCDs from the inherited IRA?

Answer

Q: I know that the IRS rules limit us to one indirect (60-day) IRA rollover every 12-month period. Are Health Savings Account (HSA) indirect rollovers counted as one of these rollovers, or are the IRA and HSA once-per-12-month rules separate? In other words, can an IRA owner perform one of each in any one 12-month period?

Answer

Have a question for America's IRA Experts?
Email your questions to us at mailbag@irahelp.com. Selected questions will be featured every Thursday in the Slott Report.



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