Tag Archives: RMD

In July 2023, IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The Secure Act, signed into law in 2019, introduced a requirement that certain non-spouse beneficiaries of inherited IRAs draw down those accounts and […]

Thanksgiving is in the rearview mirror and another year is quickly coming to an end, leaving investors with a limited amount of time to maximize their retirement savings in the most tax efficient manner. Following are some steps to consider taking before Dec. 31. Max out your contribution to a workplace 401(k) retirement plan. For 2022, […]

The SECURE Act signed into law at the end of 2019 brought new restrictions to non-spouse beneficiaries of inherited individual retirement accounts (IRAs), requiring them to empty those accounts within 10 years of the original owner’s death and pay the taxes due. Not only was the new law bad news for beneficiaries who were previously […]

For 2021, the IRS is again enforcing required minimum distributions (RMDs) from retirement accounts after a one-year hiatus due to the COVID-19 pandemic. However, the rules for taking RMDs have changed since the SECURE Act went into effect on Jan. 1, 2020, and those individuals who do not rely on RMDs for retirement income may […]