Retirement advisers are reeling this week after the IRS proposed new regulations governing how and when savers are required to begin drawing down their inherited account balances.
The proposed rule (RIN: 1545-BP82) implements a 2019 law raising the age 401(k) and individual retirement account holders must begin taking required minimum distributions. It gives plan participants an additional year and a half to build up their savings tax-free.
But industry observers say the 275-page proposal increasing the minimum distribution age to 72 threatens to complicate an already complex and confusing area of the tax code by reversing course ...
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