Inherited IRAs: What Beneficiaries Need to Know as IRS Enforcement Begins
For several years, many inherited IRA beneficiaries have lived in a state of uncertainty. Following the passage of the SECURE Act in 2019 and its successor, SECURE 2.0, enacted in December 2022, the rules governing inherited retirement accounts changed significantly. Yet IRS enforcement lagged, and required distributions were effectively delayed for many heirs. That grace period is now ending. Beginning this year, the IRS is enforcing annual required minimum distributions (RMDs) for certain inherited IRAs, and beneficiaries who fail to comply may face substantial penalties. If you inherited an IRA in recent years, or if your estate plan includes retirement ... Read More
