The IRS just issued guidance that includes relief with respect to certain required minimum distributions (RMDs) that aren’t made in 2024. This relief is provided with respect to some RMDs in 2021, 2022 and 2023. Specifically, Notice 2024-35 states that if certain requirements are met in 2024, a plan won’t fail to be qualified for not making a specified RMD in 2024, and a taxpayer won’t be assessed a penalty for failing to take the RMD. This applies to designated beneficiaries of inherited accounts under the “10-year rule,” which was changed by the SECURE Act of 2019. Contact us with questions if you believe you are affected.
Our Blog 