The SECURE 2.0 Act made several changes regarding the beginning dates for required minimum distributions (RMDs) from IRAs. The IRS is providing transition relief to IRA owners and some beneficiaries regarding these changes. Specifically, in Notice 2023-54, the IRS is extending the rollover deadline for certain distributions that were mischaracterized as RMDs. In addition, the relief allows beneficiaries under the 10-year rule to avoid taking RMDs in 2023. The IRS also said that its upcoming final regs regarding RMDs won’t apply until the 2024 distribution calendar year. This is the second time the IRS has amended the applicability date. Read Notice 2023-54: https://bit.ly/3Ofnd0y
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