Final RMD Regulations Released Today; 10-Year Rule Clarified

Today, July 19, 2024, the IRS and Treasury Department released long-awaited final regulations on Required Minimum Distributions. RMDs are mandated yearly withdrawals from IRAs, 401(k)s and other tax deferred retirement plans.

The final regulations clarify changes brought about by the SECURE Act, which took effect in 2020, and the SECURE 2.0 Act, which was signed into law at the end of 2022. The new rules start taking effect on January 1, 2025.