RMDs For Inherited IRAs -- Relief For Some Through 2024 -- Posted April 17, 2024

Locator: 47029TAXES.

Links are everywhere. This is one: https://www.cpapracticeadvisor.com/2024/04/17/irs-extends-rmd-tax-relief-for-inherited-iras/104140/.    

TWSJ also has the story.

Many Americans who inherited retirement accounts since 2020 won’t be required to start pulling money out this year after the Internal Revenue Service said it was further postponing enforcement of a law passed in 2019.

Part of the law required most inheritors other than spouses to empty IRAs within 10 years, not over their lifetimes, as was previously allowed. Many heirs interpreted this to mean that they could hold off pulling money out until year 10, allowing them to time their withdrawals to lower their taxes while the balances continued to grow.

Then, in February 2022, the IRS proposed rules mandating annual withdrawals for these inheritors during that 10-year period, if the original account owner had already been taking distributions.

After complaints from taxpayers and financial-services companies over how to follow the new rules, the IRS said it wouldn’t impose penalties for missing required minimum distributions, or RMDs, until the details could be finalized, essentially allowing these inheritors to skip taking money out. That reprieve has now been extended through 2024.

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The Book Page

Wow, wow, wow. How many times have I advised folks: never quit reading.

There are at least two great essays in the current issue of The New York Review, April 18, 2024.

One of them: "A Hell of a Performance," Andrew Delbanco, pp. 51+.

A book review of The Naked and the Dead and Selected Letters, 1945 - 1946, by Norman Mailer, edited by J. Michael Lennon, Libraryof America, 834 pp. The book was published in 1948. Last year, 2023, was the 75th anniversary.

Coincidentally I'm slogging my way through The Naked and the Dead. I just mentioned it yesterday. I keep notes on the book here.

A digression: I'm in the Bat Cave, with several opened books on my Stickley desk, sitting in a Stickley chair, watching TCM in the background on a big-screen monitor -- "North By Northwest" -- I need more than two hands to count the number of times I've seen this movie. LOL.

And then reading The New York Review which just arrived today and coming across the review of Norman Mailer's book. It will probably take me a year to complete the book. I read a few pages every so often, taking notes to keep track of the story.

What else am I reading? Plane Trigonometry With Four-Place Tables, Arthur W Weeks and H. Gray Funkhouser, first copyright, 1943.

I never took trigonometry in high school but needed it for second semester calculus in first year of college. My calculus professor said not to worry; he gave me the small green hard-cover monograph when I read over Christmas vacation -- and that's all I had to prepare for second semester calculus. I received an "A" in both semesters of calculus, first year college. 

This summer I will be working with Sophia on a number of subjects and will eventually have to introduce her to trig. I won't be able to teach her trig; I don't understand it well enough. When she takes the subject in school, I will need to know trig to be able to help her. Her dad, a nuclear engineer, will be her real teacher.