The IRS recently issued Notice 2022-53 to clear up confusion surrounding Inherited IRA RMD’s. This video talks about the annual required minimum distributions that must be taken for most non-spousal inherited IRA owners who’s original account owner reached their required start date.

0:00 – Intro
1:14 – SECURE Act (Original Interpretation)
2:09 – IRS Proposed Regulation, Feb 23, 2022
3:17 – IRS Notice 2022-53, October 7, 2022

DISCLAIMER: While the information expressed in this video is believed to be accurate, this video is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor.

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Inherited IRA RMD Rules – October 2022

In October 2022, the rules for Required Minimum Distributions (RMDs) from inherited IRAs will change. These new rules will affect how heirs must take distributions from their inherited IRAs. It is important to understand these new rules so that you can plan accordingly and ensure that you comply with the law.

Under the new rules, heirs will no longer be required to take RMDs from their inherited IRAs. Instead, they will be able to keep the money in the account and use it as they see fit. This is a major change from the previous rules, which required heirs to take RMDs from their inherited IRAs each year.

However, the new rules do not mean that heirs can ignore their inherited IRAs entirely. Heirs will still be required to report their inherited IRAs to the IRS each year, and they will be responsible for any taxes due on any withdrawals from the accounts.

In addition, the new rules will also affect how heirs can pass on their inherited IRAs to their heirs. Under the new rules, heirs will be allowed to pass on their inherited IRAs to a non-spouse beneficiary without having to take RMDs. This is a major change from the previous rules, which required heirs to take RMDs before passing on their inherited IRAs to a non-spouse beneficiary.

Finally, the new rules will also affect how heirs can convert their inherited IRAs to Roth IRAs. Under the new rules, heirs will be allowed to convert their inherited IRAs to Roth IRAs without taking RMDs. This is a major change from the previous rules, which required heirs to take RMDs before converting their inherited IRAs to Roth IRAs.

In summary, the new rules for Required Minimum Distributions from inherited IRAs will go into effect in October 2022. These new rules will affect how heirs must take distributions from their inherited IRAs, as well as how they can pass on their inherited IRAs to their heirs and convert them to Roth IRAs. It is important to understand these new rules so that you can plan accordingly and ensure that you comply with the law.