Notice 2024-35: Relief with respect to certain required minimum distributions

Type
:
Obligation
Tax Area
:
Individual Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
16 Apr
,
2024
Docxster’s Summary

The IRS has issued Notice 2024-35, which provides relief for certain required minimum distributions (RMDs) from retirement plans and IRAs. The relief applies to RMDs that would have been required to be made in 2024, but are instead made in 2025. This relief is intended to help individuals who may have been impacted by the COVID-19 pandemic and need additional time to make their RMDs.

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The IRS today released Notice 2024-35 providing relief with respect to certain required minimum distributions (RMDs) under section 401(a)(9) that are not made in 2024 (i.e., if certain requirements are met, a plan will not fail to be qualified for failing to make a specified RMD in 2024, and a taxpayer will not be assessed an excise tax for failing to take the RMD).

This relief was provided with respect to certain RMDs in 2021, 2022, and 2023, and is being extended to certain RMDs in 2024.

Notice 2024-35 also announces that the final regulations intended to be published relating to RMDs are anticipated to apply for purposes of determining RMDs for calendar years beginning on or after January 1, 2025.

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Source :
KPMG
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