April 1: The first day of April definitely is not a day to fool around if you must make a required minimum distribution (RMD). This year's deadline is for folks who turned 73 in 2024 and decided to delay their first RMD. April 5: You made it through April 1 and the month's firs...
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....
As indicated in Notice 2024-35, the automatic waiver ends in 2024. Therefore, these beneficiaries must take RMDs due in 2025 and after or be subject to a 25% excise tax on any RMD shortfall. Taxpayers wanted to know if the 10-year period was extended as a result of these waivers. The...