Ed Slott, CPA, and Bob Keebler, CPA/PFS, discuss the complicated inherited IRA RMD rules and what is required in 2023 and 2024 in this episode of the PFP Section podcast. Ed and Bob provide clarity in the following areas:

An easy formula to use to get clear on all of the elements that need to be considered
The only scenario in which penalty relief is available when the RMD is not taken
Who must take RMDs in years 1 through 9 under the 10-year rule and who can wait until year 10
When does the 5-year rule apply
What happens when a ROTH IRA is inherited

For more resources related to this episode:

Check out Bob’s IRA distribution flowcharts in the Proactive Planning Toolkit.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Inherited IRA RMD clarity for 2023 and 2024 {PFP Section}

AICPA Personal Financial Planning (PFP)