IRS reminder to many retirees: Last day to start taking money out of IRAs and 401(k)s is April 1
https://www.irs.gov/newsroom/irs-reminder-to-many-retirees-last-day-to-start-taking-money-out-of-iras-and-401ks-is-april-1
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The Internal Revenue Service today reminded retirees who turned 72 during 2022 that, in most cases, Saturday, April 1, 2023, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans.
The payments, called required minimum distributions (RMDs), are normally made by the end of the year. But anyone who reached age 72 during 2022 is covered by a special rule that allows IRA account owners and participants in workplace retirement plans to wait until as late as April 1, 2023, to take their first RMD. In other words, in general, the special April 1 rule applies to IRA owners and other participants in these plans who were born after Dec. 31,1949.
Two payments in the same year
The April 1 RMD deadline only applies to the required distribution for the first year. For all later years, the RMD must be made by Dec. 31.
This means that taxpayers who receive their first required distribution (for 2022) in 2023, on or before April 1, must receive their second RMD (for 2023) by Dec. 31, 2023. Even though the first distribution is actually the required 2022 distribution, it's taxable in 2023 and reported on the 2023 tax return - along with the regular 2023 distribution.
Types of retirement plans requiring RMDs
These required distribution rules apply to owners of traditional, SEP and SIMPLE IRAs while the original owner is alive. They also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans. RMDs don't apply to Roth IRAs.
An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it. Often, the trustee shows the RMD amount on Form 5498 in Box 12b. For a 2022 RMD, required by April 1, 2023, the RMD amount is shown on the 2021 Form 5498, normally issued to the owner during the first part of 2022.
Some can delay RMDs
Though the April 1 deadline is mandatory for all owners of traditional IRAs and most participants in workplace retirement plans, some people with workplace plans can wait longer to receive their RMD.
Most participants who are still working for that employer can wait until April 1 of the year after they retire to start receiving these distributions, if their workplace plan allows. This RMD exception does not apply to 5% owners of the business sponsoring the retirement plan or to participants in SEP and SIMPLE IRA plans. See Tax on Excess Accumulation in Publication 575 for details.
Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.
IRS online tools and publications can help
Many answers to questions about RMDs can be found at RMD FAQs on IRS.gov. Most taxpayers use Table III (Uniform Lifetime) to figure their RMD. Married taxpayers whose spouse is more than 10 years younger and is their only beneficiary use Table II.
For a 2022 RMD (due April 1, 2023), use the life expectancy tables in Appendix B of the Publication 590-BPDF, Distributions from Individual Retirement Arrangements (IRAs). As shown in Table III, the RMD for a person age 72 in 2022 will normally be based on a distribution period of 27.4 years. Divide the Dec. 31, 2021, balance by 27.4 to get the RMD for 2022. Pub. 590-B has worksheets, examples and other information that can help anyone figure their RMD.
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IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
https://www.irs.gov/newsroom/irs-releases-state-by-state-breakdown-of-nearly-9-million-non-filers-who-will-be-mailed-letters-about-economic-impact-payments
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment.
The IRS will mail the letters to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment.
"The IRS continues to work hard to reach people eligible for these payments," said IRS Commissioner Chuck Rettig. "These mailings are the latest step by the IRS to reach as many people as possible for these important payments. We are releasing this state-by-state information so that state and local leaders and organizations can better understand the size of this population in their communities and assist them in claiming these important payments. Time is running out to claim a payment before the deadline."
These letters (PDF) are part of a final stage of the IRS's sweeping outreach and public awareness campaign on the Economic Impact Payments that began in March. These efforts included IRS outreach to thousands of partner groups across the nation, including partner groups serving underserved communities, people experiencing homelessness, and those whose primary language isn't English.
So far, more than 7 million people have already used the Non-Filers tool to register for a payment.
This month's letters, delivered from an IRS address, are being sent to people who haven't filed a return for either 2018 or 2019. Based on an internal analysis, these are people who don't typically have a tax return filing requirement because they appear to have very low incomes based on Forms W-2 and 1099, and other third-party statements available to the IRS.
The breakdown below shows the number of individuals in each state to whom the IRS is sending a letter.
The letter urges the recipient to register at IRS.gov by October 15 in order to receive a payment by the end of the year. Individuals can receive up to $1,200, and married couples can receive up to $2,400. People with qualifying children under age 17 at the end of 2019 can get up to an additional $500 for each qualifying child.
The letter, officially known as IRS Notice 1444-A, is written in English and Spanish and includes informatio
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IRS announces 2022 funding for Low Income Taxpayer Clinic grant recipients
https://www.irs.gov/newsroom/irs-announces-2022-funding-for-low-income-taxpayer-clinic-grant-recipients
http://accountinginstruction.com/
The Internal Revenue Service announced today that more than $12.1 million in matching grants were awarded to 131 organizations across the country for development, expansion or continuation of qualified Low Income Taxpayer Clinics (LITCs) for the 2022 grant year. The grant year runs from January 1 to December 31, 2022.
Through the LITC Program, the IRS awards matching grants of up to $100,000 per year to qualifying organizations. The LITC Program is a federal grant program administered by the Taxpayer Advocate Service, an independent organization within the IRS led by the National Taxpayer Advocate Erin M. Collins. Although LITCs receive partial funding from the IRS, LITCs, their employees and volunteers are independent from the IRS.
Qualified organizations awarded LITC grants ensure the fairness and integrity of the tax system for taxpayers who are low-income or speak English as a second language (ESL) by providing pro bono representation for qualified taxpayers in tax disputes with the IRS, educating them about their rights and responsibilities as taxpayers, and identifying and advocating on issues that impact these taxpayers.
Here is a complete list of 2022 grant recipients PDF, the cities and states where they are located, and the amounts awarded by the IRS.
More information about LITCs and the work they do to represent, educate and advocate on behalf of low-income and ESL taxpayers is available in IRS Publication 5066, LITC Program Report PDF. IRS Publication 4134, Low Income Taxpayer Clinic List PDF, provides information about LITCs by geographic area, including contact information and details about the languages served at that specific LITC location.
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