Who is Required to Take Required Minimum Distributions (RMD) form their Self-Directed Solo 401(k) Plan in 2022?

2022 Solo 401k RMD

Your required minimum distribution (RMD) is the minimum amount you must withdraw from your self-directed solo 401k account each year.

Unfortunately, you can’t keep funds in your solo 401k funds indefinitely. You have to start taking RMDs from your solo 401k once you turn age 72.  However, for the first RMD, the IRS allows you to delay making it by April 1, 2023, but waiting will result in having to also take the 2023 RMD by 12/31/2023.

In other words, if you wait to take your 2022 RMD until April 1, 2023, you will end up having to make 2 (two) RMDs in  2023 (the 2022 and the 2023 RMD).

QUESTION: Do RMDs apply to solo 401k plans?

ANSWER: Yes.

How is my Solo 401k RMD calculated?

ANSWER: The Solo 401k required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” Click here to use our online solo 401k RMD calculator.

Form more information on the self-directed solo 401k RMD rules, visit here.

Solo 401k RMD Reporting

For clients of My Solo 401k Financial, we will perform the Form 1099-R reporting, so make sure to complete the following Solo 401k RMD distribution form by 12/31 so that we can collect the necessary information for issuing the Form 1099-R. https://www.mysolo401k.net/solo-401k/required-minimum-distribution-rmd-solo-401k-distribution-form/

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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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