The IRS is providing relief for taxpayers who didn’t take certain required minimum distributions (RMDs) from inherited IRAs and other plans. The relief under Notice 2022-53 is for taxpayers subject to the “10-year rule” who didn’t take RMDs in 2021 or 2022 but were required to do so. The SECURE Act requires that inherited plans must generally be paid out on or before Dec. 31 of the 10th calendar year following the original holder’s death. But under proposed regs issued in early 2022, payments must begin in the 1st calendar year following the year of the original holder’s death. The IRS will issue final regs but stated that penalties won’t apply for failure to take RMDs in these cases. Call or visit our website for more information! www.mjscpa.com/
