10-year rule

CARES ACT COVID-19 DISTRIBUTIONS AND SECURE ACT BENEFICIARY PAYOUTS: TODAY’S SLOTT REPORT MAILBAG

Thursday, June 25, 2020
Question: Hi Ed, If a person takes that 100k distribution, can they elect to split evenly in 2020-2022 as income? Or can they determine how to apply the income? Shannon Answer: Hi Shannon, Those persons who qualify for up to $100,000 of 2020 coronavirus-related distribution (not everyone does) can spread out income evenly over their 2020-2022 tax returns.
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SECURE Act’s 10-Year Rule Brings New Planning Opportunities

Wednesday, June 10, 2020
By now, most IRA owners have heard the bad news. The SECURE Act eliminates the stretch IRA for the majority of beneficiaries who inherit in 2020 or later. Instead, for most, a 10-year payout rule will apply. Here is how this new rule works and how, for some beneficiaries, there may be new planning opportunities available. How It Works This new 10-year rule works like the old 5-year rule worked. There are no annual RMDs. Instead, the entire account must be emptied by the 10th year after the year of death. In the 10th year following the year of death, any funds remaining in the inherited IRA would then become the required minimum distribution (RMD).
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