In response to the complaints, the IRS issued Notice 2022-53, Notice 2023-54, and Notice 2024-35, which provide that the excise tax is automatically waived for affected beneficiaries who inherited retirement accounts from 2020 through to 2023 and didn’t take their RMDs from 2021 through 2024...
If you inherited a retirement account due to the death of a loved one, but you are not deemed an Eligible Designated Beneficiary*, you’ll want to know how the Required Minimum Distribution (RMD) rules are now different due to 2024 tax changes around the 10-year rule....
• The rules changed for inherited or “stretch” IRAs. Previously, if you inherited a retirement account from a non-spouse (parent, grandparent, etc.), you could stretch out the distributions based on your life expectancy. This could have significant tax benefits. Under the Secure Act, you...