On July 14, 2023, the IRS released notice 2023-54 which provides for relief for RMDs in two circumstances. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares what you need to know, including:

If your client mistakenly took a required minimum distribution in 2023 based on SECURE but they could have waited until 2024 based on SECURE 2.0, they have until September 30th to repatriate the RMD without penalty.
Relief via IRS notice 2022-53 has been extended into 2023. Beneficiaries subject to the 10-year rule will not need to take RMDs until the IRS releases final regulations providing more clarity on what is required.

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Learn more on the latest proposals and regulations in the audio section of the Proactive Planning Toolkit.

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Two important RMD developments {PFP Section}