Minister/Educator/Fmr. Board of Education and Salvation Army Board Member; Graduate of Rutgers School of Criminal Justice & Quinnipiac Univ. Business School, CT
Taxes owed for withdrawals from retirement plans are typically due in the year the distribution was made. The definition of a distribution date has apparently been changed for 2022. Firms are using trade dates vs. actual fund distribution dates, forcing payments in 2022 vs. 2023.
#taxlaw#IRS#taxprofessionals#taxattorney#1099R
What date is used for tax purposes to determine the distribution date for retirement plans? Is it the "Trade Date" that the firm liquidated the assets or the date the funds actually left the the firm for the distribution?
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I’m praying for you sis.
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