2021 Tax Changes (RMDs, 1099NEC)
RMDs new required age is 72
The Secure Act made changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72. Please note that if you delay your first distribution to April 1 of the year after you reach 72, you will be required to take two distributions in one year.
New 1099-NEC Form
Beginning in 2020, Form 1099-NEC is the new form to report independent contractor income. The 1099-MISC form will be used to report miscellaneous income such as rent or legal fees. If you filed Form 1099-MISC in error, you should correct this by amending Form 1099-MISC and reissuing Form 1099-NEC.