[2023-08-03] IRS Changes Required Minimum Distributions AGAIN! [Don’t Miss This]

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IRS Changes Required Minimum Distributions AGAIN! [Don’t Miss This]

Thursday, August 3, 2023

In this video, we’re covering the new IRS rule changes to when people need to start taking required minimum distributions (RMDs) from their retirement accounts.

https://www.youtube.com/watch?v=2m25_HS7Jmw

The IRS made some changes to the rules about when people need to start taking required minimum distributions (RMDs) from their retirement accounts.

Before, you had to start taking RMDs by April 1 of the year after you turned 72. Now, the new rules say that if you were born in 1951 or later, you can wait until April 1 of the year after you turn either 73 or 75, depending on your birth date.

However, there was a concern that it might take some time for companies to update their systems to reflect these changes. This could have caused some people who turn 72 in 2023 to receive distributions from their retirement accounts that would be considered RMDs (which can't be rolled over), even though they weren't supposed to start taking them under the new rules.

To address this issue, the IRS is providing some relief for individuals who receive distributions in 2023 but weren't supposed to start RMDs yet under the new rules.
Here's what the relief includes:
Companies that didn't treat certain distributions as rollover-eligible won't be penalized for not following the new rules for distributions made between January 1, 2023, and July 31, 2023, to individuals born in 1951 (or their surviving spouses).

The deadline for rolling over distributions that were not treated as rollover-eligible is extended from the usual 60-day period to September 30, 2023.

The deadline for rolling over certain distributions made to an IRA owner born in 1951 (or their surviving spouse) is also extended to September 30, 2023, for distributions made between January 1, 2023, and July 31, 2023.
Additionally, the IRS clarified that if a company failed to make a specific required minimum distribution, they won't be penalized for it, and individuals won't face excise tax for not taking the full required distribution.

Lastly, the IRS announced that they will finalize proposed regulations for RMDs, but these regulations won't apply before the year 2024, which is a change from their previous announcement.

#rmds #requiredminimumdistribution #retirementincome #irs #secureact2

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