Understanding the IRS Finalized 10-Year Rule for Retirement Withdrawals
Sunday, 21 July 2024, 22:34
IRS Finalizes 10-Year Rule for Retirement Withdrawals
The Internal Revenue Service and Treasury Department have released final regulations updating required minimum distribution (RMD) rules for beneficiaries under the 10-year rule.
Key Points
- New regulations confirm that most IRA beneficiaries must take withdrawals annually over the 10-year period following the account holder's death.
- This update is part of the SECURE and SECURE 2.0 Acts.
- Non-eligible designated beneficiaries are now subject to these new RMD requirements.
In conclusion, the implementation of these regulations may make the withdrawal process 'even more complicated' for many investors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.