Effect date for Inherited IRA’s and the Secure Act of 2019
I have a client who established an Inherited IRA in November of 2019. The assets did not roll into the account until February of 2021. (You can thank the NYS Retirement system for the delay). Is my client subject to the old rules for RMD’s or the new, Secure Act, rules?
Permalink Submitted by Alan - IRA critic on Wed, 2021-09-29 16:01
The date of death of the IRA owner determines whether the Secure Act applies or not, therefore the Secure Act does not affect this beneficiary. Further, govt plans such as this NYS Retirement System are not subject to the beneficiary RMD provisions of the Secure Act until 2022.
Permalink Submitted by Donald Reutemann on Thu, 2021-09-30 19:49
Thanks!