IRA's

If you turned 72 last year and opted to delay your first IRA payout…

You must take the required minimum distribution for 2022 by April 1. To figure the RMD, start with your Dec. 31, 2021, IRA balances and divide each by the factor for your age, which you can find in IRS Pub. 590-B for 2021 returns. The SECURE 2.0 law, which raised the RMD start age to 73, applies only to people who first turn 72 after 2022…it doesn’t affect people who turned 72 in 2022.

File Form 8606 with your 1040 if you’ve made nondeductible payins to IRAs. And keep your tax records until three years after accounts are depleted. The distributions from your traditional IRA will be subject to federal income tax unless you can show otherwise. So make sure you retain copies of Form 8606 and your 1040s for each year that such nondeductible IRA contributions are made.