Greg, Temecula - "You asked for reference about inherited IRAs by a non-spouse having to take a RMD every year in the 10 year window. In Forbes, IRS notice 2022-53 will apply to 2023 distribution year. They are not going to penalize anyone who did not take distributions in 2021 or 2022. The IRS proposed the change in 2022 and said will finalize in 2023. Joe said he didn't know anything about this, and supply proof. Maybe someone in the office has heard and could give a little more clarity? David, Tega Cay- "I was listening to the most recent episode on my drive home last night. I believe Joe and Al were called out by a listener regarding inherited IRAs and the impact of the SECURE Act." Listen to the entire Your Money, Your Wealth® podcast: NOTE: Passage of the SECURE Act 2.0 on December 23, 2022 means there are substantial changes to required minimum distributions, retirement savings, and tax planning in place now, and more on the way! Make sure you're subscribed to our channel to learn about the latest updates: Download the Retirement Readiness Guide: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: Office locations: Ask Joe & Big Al On Air: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period....(read more)
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The CARES Act of 2020 offered some great relief to those who inherited an IRA from a non-spouse beneficiary. As part of the relief, the required minimum distribution (RMD) penalty has been waived for 2021 and 2022. This means that if you are a non-spouse beneficiary of an inherited IRA, you will not be required to take the RMD in 2021 or 2022. This is a great relief for those who may not need the money right away or want to keep the money in the IRA for longer. The waiver of the RMD penalty can be a great benefit for those who are inheriting an IRA from a non-spouse beneficiary. The waiver allows the beneficiary to keep the money in the IRA for longer, allowing it to grow and compound over time. This can be a great way to maximize the growth of the IRA and provide additional financial security for the beneficiary. In addition to the waiver of the RMD penalty for 2021 and 2022, the CARES Act also waived the 10% early withdrawal penalty for distributions taken from an inherited IRA. This means that you can take a distribution from your inherited IRA without incurring the 10% penalty. The waiver of the RMD penalty and the 10% early withdrawal penalty can be a great benefit for those who are inheriting an IRA from a non-spouse beneficiary. It can provide additional financial security and allow the beneficiary to maximize the growth of the IRA over time. If you are a non-spouse beneficiary of an inherited IRA, it is important to understand the rules and regulations of the CARES Act and how they apply to your situation. You should also consult with a financial professional to ensure that you are taking advantage of all the benefits available to you. For more information on the RMD penalty waiver for inherited IRA non-spouse beneficiaries in 2021 and 2022, you can listen to the YMYW Podcast. The podcast covers a wide range of topics related to retirement planning and can help you understand the rules and regulations of the CARES Act. https://inflationprotection.org/rmd-penalties-waived-for-inherited-ira-non-spouse-beneficiaries-in-2021-2022-ymyw-podcast/?feed_id=69490&_unique_id=63e6b88ebfffe #Inflation #Retirement #GoldIRA #Wealth #Investing #CertifiedFinancialPlanner #CFP #cpa #feeonly #Fiduciary #FinancialPlanning #financialpodcast #inheritedira #peerfinancial #portfoliomanagement #pureadvisors #purefin #purefinacial #purefinance #purefinancial #purefinancialadvisers #purefinancialadvisors #purefinancial #requiredminimumdistributions #retirementplanning #retirementpodcast #RMD #savingforretirement #SECURE2.0 #secureact #secureact2.0 #YMYW #YourMoneyYourWealth #yourmoneyyourwealth #InheritedIRA #CertifiedFinancialPlanner #CFP #cpa #feeonly #Fiduciary #FinancialPlanning #financialpodcast #inheritedira #peerfinancial #portfoliomanagement #pureadvisors #purefin #purefinacial #purefinance #purefinancial #purefinancialadvisers #purefinancialadvisors #purefinancial #requiredminimumdistributions #retirementplanning #retirementpodcast #RMD #savingforretirement #SECURE2.0 #secureact #secureact2.0 #YMYW #YourMoneyYourWealth #yourmoneyyourwealth
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