Final IRS Regulations: Important News on RMDs and Beneficiaries
On July 18, 2024, the IRS released final regulations on required minimum distributions (RMDs) and beneficiary options.
These final rules have been anticipated since February 2022, when proposed regulations were published. Significant changes have occurred because of the SECURE Acts, both version 1.0 in 2019 and version 2.0 in 2022.
In these new regulations, the IRS has now given us their interpretation of the SECURE Acts’ various statutory provisions. In addition to the final RMD rules, the IRS has also released proposed regulations that cover some of the more complicated provisions in SECURE 2.0. This will give interested parties an opportunity to weigh in with comments before these proposed regulations are made final.
You should read this article if you are or may become the beneficiary of an IRA or a qualified retirement plan such as a 401(k).