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The IRS announced late Friday that there will be no excise tax penalty on missed required minimum distributions (RMDs) of inherited IRAs for tax years 2021 and 2022. Final rules of what amounts to ...
Because Secure 1.0 creates a thicket of rules and classifications to wade through, the IRS decided to waive missed RMD penalties for inherited IRAs from 2020 through 2024.
One tricky issue involves required minimum distributions or RMDs. IRA and 401(k) plan owners are required to take minimum distributions from their accounts beginning in the year they turn 72.
The deadline for 2024 required minimum distributions (RMDs) has passed for most seniors. But if you turned 73 last year, you actually have until April 1, 2025, to make your first RMD.
RMD shortfalls result in heavy penalties for the missed amount. Fortunately, Form 5329 allows you to appeal to the IRS for a penalty waiver. Sending a penalty waiver letter is an essential part of ...
For many, taking a small distribution each year instead of a big distribution in the 10th year after inheriting an IRA will work out better for their wallet due to the tax impact of a big lump sum ...
If you inherited an IRA after Dec. 31, 2019, from someone who was already taking required minimum distributions, you'll have to continue taking annual RMDs until you empty the account. The IRS ...
Inheriting an IRA or 401(k) can add to your wealth but it can also bring some potential tax headaches. One tricky issue involves required minimum distributions or RMDs. IRA and 401(k) plan owners ...