The IRS on Wednesday released a proposal to implement the SECURE Act’s changes to required minimum distributions from qualified retirement accounts.
The proposed rule (RIN: 1545-BP82) would update tax code Section 401(a)(9)(C) to reflect changes from the SECURE Act that allow account holders to leave tax-favored retirement savings in place past the previously prescribed age of 70½.
The retirement-focused SECURE Act was included in a large government funding package that became law (Public Law 116-94) last year. It amended the age at which people must begin taking money from their individual retirement accounts from age 70½ ...