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Understanding the IRS's Final Regulations on Required Minimum Distributions (RMDs)
ARTICLE | September 10, 2024
Authored by Vasquez + Company
The IRS has issued final regulations regarding required minimum distributions (RMDs) from qualified plans and traditional IRAs, reflecting changes from the SECURE Act and SECURE 2.0 Act. Key updates include adjustments to RMD ages, penalties for non-compliance, and specific rules for inherited accounts. Beneficiaries must adhere to a 10-year distribution rule, with waivers in place for penalties on missed RMDs from previous tax years. The final regulations, effective September 17, 2024, clarify various complexities surrounding RMDs and inherited retirement accounts.
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