IRS provides guidance for RMDs under SECURE 2.0 Act

by | Jul 26, 2023

ARTICLE | July 26, 2023

The IRS has recently issued Notice 2023-54, which provides guidance on required minimum distributions (RMDs) under section 401(a)(9) and addresses changes made in SECURE 2.0. The notice outlines the intention to issue final regulations for RMDs, as well as offering relief for plan and IRA distributions that would have been RMDs, but for the changes in SECURE 2.0. It also expands the definition of a “specified RMD” and provides relief for failures to take RMDs in the correct amount. This article explores the details of Notice 2023-54 and how it affects taxpayers and plan administrators. To learn more about the IRS guidance on required minimum distributions, click the link below.

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