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As we’ve reported, the IRS recently said it would waive the 50% penalty on RMDs missed in 2021 and 2022 for IRA beneficiaries subject to the 10-year payout rule who inherited in 2020 or 2021. These waivers were announced in IRS Notice 2022-53. Although the Notice is not clear, it appears that beneficiaries are not required to take RMDs for years that the penalty waiver applies to. However, as things stand now, the grace period will end in 2023.

Apologies if this has been covered many times, but “Search” doesn’t seem to provide any links to the topic. I’ve...

Client inherited from post RBD mom who passed in 2018 and received IRA as non-spousal Bene and was taking RMDs...

I need help for a client getting confusing info from Vanguard- The original Trad IRA account holder died in 2000...

60 year old passed away in 2018 and left a $150k IRA that was split between 3 children in their...

New client with sole asset in his IRA being illiquid. Can redeem in part or in full on 12/31 and...

Mother passed away in March 2022 and left her traditional IRA to five beneficiaries. The custodian is refusing to distribute...

In 2021, I have a client who converted approximately $200,000 from my traditional IRA to a Roth IRA. This will...

Parent died in late 2018. Lawsuits ensued and werent settled until early 2022, at which point the broker finally distributed...

Not every IRA transaction is easily identifiable. Some require a little legwork to reveal or report what occurred. Some transactions are not even labeled on official IRS tax forms and can go undetected. Here are three items that taxpayers and tax professionals alike can easily miss.