Tag Archives: RMD

Who is Required to Take Required Minimum Distributions (RMD) from their Solo 401k Plan in 2021?

The requirement to make Required Minimum Distributions from your solo 401k is back for 2021. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed plan sponsors to suspend required minimum distributions payable in 2020. There is no similar relief for 2021. Required minimum distributions for 2021 must be paid no later than December 31, […]

Congress Plans to Make Retirement Plan Reform in 2021

Last week The U.S. Senate Finance Committee had a hearing to discuss plan changes in 2021 for retirement plans including 401k, solo 401k, 457b and 403b. Here are some of the possible changes discussed: Allow for higher catch-up contributions for those age 60 or older. Increasing the the required minimum distribution (RMD) age from 72 […]

RMD Life Expectancy Tables Updated for Solo 401k Plans and Self-Directed IRA LLC by IRS Effective 2022

For required minimum distributions (RMDs) beginning January 1, 2022 and after, the IRS on Nov. 6 issued final regulations that update the life expectancy and distribution period tables used for purposes of determining required minimum distributions (RMDs) from IRAs and qualified plans such as solo 401k plans.  The main takeaway is that in 2022 and […]

Latest IRS Reminder on No RMD Requirement in 2020

On July 17, 2020 the IRS released a reminder relating to not being required to take required minimum distributions (RMDs) in 2020 from IRAs and retirement plans such as 401k plans including solo 401k plans for the self-employed.   The waiver of the 2020 RMD from IRAs and solo 401k plans, for example, result from the […]

Who is Not Required to Take a 2018 RMD by December 31?

While most solo 401k owners who are 70 ½ or older will need to take a 2018 required minimum distribution (RMD) by December 31, 2018. However, that deadline does not apply to all solo 401k owners. Solo 401k owners who are age 70 ½ or over are not required to be take an RMD from their solo 401k by […]

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