2022 Financial Planning Update

November 23, 2022

The IRS recently issued Notice 2022-53 providing guidance that they intend to issue final regulations re- lating to required minimum distribution rules for certain inherited IRAs. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) made changes to distribution rules for IRA bene- ficiaries. The Act maintained the ability to stretch annual distributions over the remaining life expectancy for eligible designated beneficiaries (spouses, individuals not more than ten years younger than the IRA owner, chronically ill or disabled persons and minor children) but implemented a new 10-year distribution rule for most other beneficiary types (adult children, siblings, certain trusts, etc.).

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