The IRS Gave Us A Gift (Or Did They?)

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Today's Hack

In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs).

 

In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.

Phil is here to bring clarity to the ongoing RMD controversy and help us understand the IRS’s current stance on penalties for missed distributions. Throughout the conversation, he provides insights into managing inherited IRAs amidst this regulatory confusion and stresses the importance of proactive planning. For anyone dealing with inherited IRAs, contemplating their estate plan, or simply trying to stay ahead of the curve in retirement planning, this episode is a must-listen.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:09 – The SECURE Act changes/confusion around RMDs

5:16 – The potential consequences of delaying distributions

7:54 – Proactive planning with your financial advisor about IRA distributions

CNBC Article:

https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html

If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.

 

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pputney@afswealthmgt.com

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