New IRS Guidance On Inherited RMDs

August 11, 2023
The IRS has issued reassurance that IRA beneficiaries subject to the 10-year rule do not need to take required minimum distributions in 2023 from accounts they inherited in 2020 or later. However, the IRS has not issued guidance to whether these same beneficiaries will need to take an RMD in 2024. Additionally, the IRS granted IRA owners turning 72 who unnecessarily started RMDs this year additional time to roll money back into their IRAs. Secure Act 2.0, which was enacted on December 29th of last year, raised the required minimum distribution beginning date from 72 to 73 years old.

At Brandywine Oak, we understand the nuances of the tax code to help our clients maximize their after-tax returns. To learn more about these updates, please read