Wednesday, December 8, 2021

Inherited IRAs And The SECURE ACT 2020 -- December 8, 2021

We should start seeing articles on this issue as we come to the end of the year: inherited IRAs and the SECURE ACT of 2020. 

It appears much confusion reigns because the IRS had the information wrong in the publication addressing this issue when it was released back in 2020, and it has not been corrected in a revised 2021 publication. Instead, the IRS issued a letter "clarifying" the issue but apparently there remains some confusion.

Part of the confusion is purposely being generated by the IRS. It's clearly an entertaining story. I'm not going to say more at this time until I hear back from three different tax preparers. I'm sure we will get at least two different opinions. 

One screen shot but have fun, google irs rmd clarifies mistake 10-year rule.

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