Alert
Alert for Certain Spouse Beneficiaries
According to final RMD regulations issued on July 18, 2024, certain spouse beneficiaries who must begin taking beneficiary distributions in 2024 are eligible to calculate their 2024 RMD based on the Uniform Lifetime Table (vs. the Single Life Table), thereby reducing their minimum distribution amount for the year. This tool is being updated in accordance with the recently published final regulations, but does not currently reflect this change.
Alert for Certain Nonspouse Beneficiaries
On April 16, 2024, the IRS released Notice 2024-35, which provides temporary relief for certain IRA beneficiaries. For those subject to annual RMD requirements in addition to the 10-Year Rule distribution requirement, the IRS will not impose the excess accumulation penalty for tax year 2024 should they fail to take their required minimum distribution. Affected beneficiaries may want to consult with a competent tax/legal advisor concerning 2024 RMDs.
2024 Beneficiary Required Minimum Distribution
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