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2021 RMD Requirements: Questions & Answers

2021 RMD Requirements You Need to Know

We’re experiencing a high than normal volume of calls related to the Fair Market Value (FMV) letters that were recently sent to our clients with an IRA Annuity.  In these letters, your Insurance Company reports the Fair Market Value of your annuity contract as of December 31 of the prior tax year and the required minimum distribution (RMD) amount they’ve calculated for 2021.

Many of the questions we’ve received are concerning the SECURE Act change and 2021 RMD Requirements, many have asked whether or not the CARES Act waiver of RMDs includes the calendar year 2021. In an attempt to help address these concerns, we’ve put together the following list of frequently asked questions.

2021 RMD Requirements: Questions and Answers

Below are the questions we’ve received most often along with the answer. If you find you still have questions we are available via phone and email, Monday thru Friday 8:30 to 5:30 EST.

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Any information regarding taxation contained herein is based on our understanding of current tax law, which is subject to change and differing interpretations. This information should not be relied on as tax or legal advice and cannot be used by any taxpayer for the purposes of avoiding penalties under the Internal Revenue Code. We recommend that taxpayers consult with their professional tax and legal advisors for applicability to their personal circumstances.

Annuity contracts are distributed by My Annuity Store, Inc., Fishers, IN, 46037.  Annuity contracts are issued by a Life Assurance and payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.  Insurance products may not be available in all states. 

These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by My Annuity Store, Inc. or any of its affiliates.  Please reach out to your financial professional if you have any questions about insurance products and their features, you may also contact us if you have any questions or concerns.

The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales. Financial professionals will be paid a commission on the sale of an annuity.

ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.

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Kiara Caudill

I spent the first 10 years of my career as a clinical mental health therapist and I saw firsthand that finances play a large role in one’s happiness. A good financial plan is not only important to your financial health it’s also important to your mental health. I approach financial planning from a behavioral finance perspective using a goals-based approach. Kiara holds a B.A. Degree in Psychology from Goshen College and an M.A. in Clinical Mental Health Counseling from Valparaiso University.

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