By Elliot Raphaelson
From Tribune Content Agency
The IRS has issued additional guidelines regarding the reporting of Required Minimum Distributions (RMDs) for beneficiaries under the SECURE Act of 2019.
One of the most important provisions of that law raised the minimum age for RMDs from 70 1/2 years of age to 72 years of age. As with so many regulation changes, this created ambiguities.
In October, the IRS issued Notice 2022-53, which clarified who is required to report RMDs in 2022 and who has been granted a reprieve from penalties when RMDs were not taken in 2020 or 2021 because the IRS had not issued timely guidance.
Another significant change under the SECURE Act was that many designated beneficiaries could no longer use the so-called “stretch option.” Designated beneficiaries who inherited an IRA prior to 2020 were able to stretch their distribution schedule over their lifetime….