April 2024: The IRS has updated directions for required minimum distributions (RMD) for beneficiary IRA holders.

***This is NEW guidance from the IRS for 2024, as of April 2024 ***

In this video, Casey discusses how the #IRS has “kicked the can” down the road with distributions from #inheritedira accounts.

#irs #secure2 #secureact #rmd #beneficiary #inherited #inheritedIRA #beneficiaryIRA
#cfp #monmouthcounty #monmouthcountynj #feeonly
#fiduciary #financialplanner #financialplanning

Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times.

Our family of investments advisors (Tom, and his three sons – Brendan, Tim and Casey) are all CFP® Professionals.

To our knowledge, WE ARE THE ONLY FAMILY firm – in the nation – with four fiduciary, fee-only investment advisors who all have earned CERTIFIED FINANCIAL PLANNER™ certification.

Tom Mullooly is an investment industry veteran of over 35+ years. The “Mullooly Asset Show,” has over 350 episodes and over 450 unique podcasts, which can be found on the site

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ATTENTION: April 2024 will bring significant changes to Required Minimum Distributions (RMD) for Inherited Individual Retirement Accounts (IRA). These changes will have important implications for beneficiaries who inherit IRAs after this date.

First and foremost, beneficiaries who inherit IRAs in 2024 or later will no longer be able to stretch withdrawals over their lifetimes. Instead, they will be required to withdraw the entire balance of the inherited IRA within 10 years of the original account holder’s death. This new rule, established in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, aims to expedite the distribution of inherited IRA funds and increase tax revenue for the government.

This change will impact beneficiaries in several ways. For starters, beneficiaries will no longer have the option to maximize the tax-deferred growth of the inherited IRA by spreading out withdrawals over their lifetimes. Instead, they will be forced to take larger distributions within a shorter timeframe, potentially pushing them into higher tax brackets and increasing their tax liability.

Furthermore, beneficiaries will need to carefully plan their withdrawals to avoid penalties for not meeting the 10-year distribution deadline. Failure to comply with the new RMD rules could result in hefty taxes and penalties, diminishing the value of the inherited IRA.

It is essential for beneficiaries to consult with financial advisors and tax professionals to develop a strategy for managing inherited IRA distributions under the new guidelines. They may need to consider factors such as their own financial goals, tax implications, and overall investment portfolio when making decisions about when and how to withdraw funds from the inherited IRA.

In conclusion, the changes to RMD for Inherited IRAs taking effect in April 2024 will have a significant impact on beneficiaries. It is crucial for individuals who expect to inherit IRAs in the future to stay informed and seek guidance on how to navigate these new rules effectively. By proactively planning for these changes, beneficiaries can minimize their tax liability and maximize the value of their inherited IRA assets.