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IRS

IRS Delays Effective Date of IRA Self-Correction Program

Wednesday, May 31, 2023
It looks like IRA owners will probably have to wait awhile to take advantage of a new program that allows them to self-correct IRA errors that previously couldn’t be fixed. In Notice 2023-43, the IRS said that self-correction for IRAs can’t be used until the IRS issues rules for the new program. And those rules aren’t required to be issued until the end of December 2024.
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Mandatory Roth Catch-up Contributions Required for 2024

Wednesday, May 10, 2023
One of the more controversial provisions of the new SECURE 2.0 law concerns 401(k) catch-up contributions. Most 401(k) plans – as well as 403(b) and governmental 457(b) plans – permit employees who are age 50 or older to make catch-up contributions. The limit for catch-ups in 2023 is $7,500, allowing for total elective deferrals of up to $30,000.
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Year-of-death RMDs and Roth Conversions: Today's Slott Report Mailbag

Thursday, April 13, 2023
Question: Both of my parents passed away last year. My mother passed earlier in 2022 and I was able to take her year-of-death RMD out of the inherited IRA before the end of the year. My dad passed in October and once I got the inherited IRA transferred over in December, I forgot to take his year-of-death RMD until January of 2023. What forms will I need to complete to request a waiver, and would this be a good cause for a waiver?
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IRS Signals That It Will Still Waive Missed RMD Penalties

Monday, April 10, 2023
Despite the reduction in the penalty for missing required minimum distributions (RMDs) in the new SECURE 2.0 law, it looks like you will still be able to get the IRS to waive the penalty altogether. Before 2023, if you missed an RMD the IRS could impose a penalty equal to 50% of the missed amount. However, the IRS almost always waived the penalty if you took the RMD and filed Form 5329 (with a reasonable cause explanation) with the IRS.
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Vesting in Company Plans and New IRS Forfeiture Rules

Wednesday, March 29, 2023
When you leave your job and aren’t fully vested in your company plan account, the plan will forfeit your unvested portion. Recently, the IRS issued new guidance clarifying the forfeiture rules.
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How Are 2023 RMDs Calculated for Beneficiaries Who Got RMD Relief ?

Wednesday, November 09, 2022
As we’ve reported, the IRS recently said it would waive the 50% penalty on RMDs missed in 2021 and 2022 for IRA beneficiaries subject to the 10-year payout rule who inherited in 2020 or 2021. These waivers were announced in IRS Notice 2022-53. Although the Notice is not clear, it appears that beneficiaries are not required to take RMDs for years that the penalty waiver applies to. However, as things stand now, the grace period will end in 2023.
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IRS Provides Some Relief for Victims of Hurricane Ian

Wednesday, October 12, 2022
If you are a victim of Hurricane Ian, you may be eligible for some relief when it comes to your retirement accounts.
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IRS Waives 50% Penalty for Missed 2021 and 2022 RMDs Within the 10-Year Period

Monday, October 10, 2022
Last Friday (October 7, 2022), the IRS waived the 50% penalty on missed 2021 and 2022 inherited retirement account RMDs for beneficiaries subject to the SECURE Act 10-year payout period. The guidance was in IRS Notice 2022-53.
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IRS Regulations and QCDs: Today's Slott Report Mailbag

Thursday, September 29, 2022
Question: When will the IRS release final regulations for RMDs on beneficiary IRAs? Kim
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IRS Needs to Clarify Annual RMD Requirement under the New Regulations

Monday, May 09, 2022
Just when we thought we understood the new IRS regulations on required minimum distributions (RMDs), here comes more uncertainty. As we have reported, the IRS threw everyone a curveball with its interpretation of the 10-year payout rule under the SECURE Act in its proposed regulations issued on February 23. For most non-spouse beneficiaries, the SECURE Act replaced the life expectancy payout rule (also known as the “stretch IRA”) with a new 10-year rule. It is clear that the 10-year rule requires that the entire IRA account be emptied by December 31 of the 10th year following the year the IRA owner died.
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