The IRS announced on 10/7/2022 that new rules for taking required minimum distributions (RMDs) from IRAs are now postponed until 2023
Per the Wall Street Journal, the Internal Revenue Service announced on Friday that new rules for taking required minimum distributions (RMDs) from IRAs are now postponed until 2023. The proposed regulations would have required annual distributions for 10 years starting in 2021 in many cases for decedents dying after 2019 who were in pay status at time of death and are not “eligible designated beneficiaries.” The IRS indicated that distributions will not be required for this group until 2023. Eligible designated beneficiaries like spouses, and minor children must still take RMDs.
Related Practices: Trusts and Estates, Tax
Related Attorney: Stuart M. Gladstone