If you reach 70 ½ in 2020 you must take your first RMD by April 1st of the year after you reach 72. If you retire at the age of 70½ in 2019, the prior rules apply and you must take your first RMD by April 1, 2020. The SECURE Act, which became law on December 20, 2019, made a major change to the RMD rules. Otherwise, you must pay a 6% tax each year on the excess amounts left in your account. If you exceed the 2022 IRA contribution limit, you may withdraw excess contributions from your account by the due date of your tax return (including extensions). You can make 2022 IRA contributions until April 18, 2023. If you’re still working, review the 2022 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save for your retirement. Whether you are still working or retired, you should periodically review your IRAs.
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