August 17, 2023

More Changes to RMD Rules for IRA Beneficiaries

Last month, the IRS announced a new round of changes regarding required IRA minimum distributions (RMDs) for certain beneficiaries and situations. Detailed in IRS Notice 2023-54, the changes are aimed at remedying confusion triggered by terms of last year’s Secure Act 2.0 as well as the original Secure Act of 2019.

Specifically, the guidance once again postpones IRS enforcement of deadlines for RMDs by inherited IRA beneficiaries whose original account holders died in 2020 or after. It’s the second year in row the IRS has done so and pushes enforcement back until 2024 at the earliest.

The notice also extends the 60-day rollover deadline for IRA and plan account owners who took RMD distributions that proved unnecessary under the revised regulations and wish to roll them back into their IRAs. The new deadline is September 30, 2023.

If you believe these changes may affect your portfolio, you owe it to yourself to find out more as soon as possible. The best place to start? We strongly suggest that you contact your Weiss tax professional by phone or email today. No one is better prepared to help you understand the changes and what actions, if any, you need to take.

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