IRS Announced New 2023 RMD Relief for IRA Beneficiaries
This week, the IRS issued new 2023 required minimum distribution (RMD) relief for IRA beneficiaries. This inherited IRA question has been on many individuals mind’s for some time, so see below for the IRS updates. If you have any questions or want further clarification, check out the IRS website, or email us at info@shermanwealth.com.
“The Internal Revenue Service has reassured IRA beneficiaries subject to the 10-year rule that they do not need to take required minimum distributions in 2023 from accounts they inherited in 2020 or later.
The agency also gave extra time for IRA owners turning 72 who unnecessarily started RMDs this year to return the money to their accounts.
IRS Notice 2023-54, released Friday, extends the 60-day rollover deadline for those IRA owners, Ed Slott of Ed Slott & Co. explained Monday in an interview. They now have until Sept. 30 to return the money to their accounts and avoid the tax bill, he said. The Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act, enacted Dec. 29, 2022, raised the age at which RMDs must start to 73 from 72, beginning this year.”
As mentioned above, if you have any questions about your IRA’s in general, or have a specific question relating to the Inherited IRA RMD relief, email us at info@shermanwealth.com and we are happy to help!