If you have to go with one of many conflicting answers, wouldn't you want to go with the one that doesn't subject you to a possible 25% penalty? Will the tax advisor pay your penalty if he is wrong?My conflicting answers are still conflicted.
I've received multiple answers and they are all different. Overall, I have to trust the tax advisor answer - which is no RMD.
Ed Slot has written extensively about this issue since it cropped up in 2021ish.Do any tax advisors out there disagree?
https://irahelp.com/slottreport/annual- ... k-in-soon/
https://irahelp.com/slottreport/so-many ... variables/
You can try to read the IRS final regulations yourself:
https://www.federalregister.gov/documen ... tributions
or read this summary:
https://taxnews.ey.com/news/2024-1945-i ... egulations
Note the section: "The final regulations retain the requirement for beneficiaries subject to the 10-year rule to take annual distributions each year. The IRS believes this is the correct interpretation based upon the language of the statute."
Statistics: Posted by Late as always — Sat Jan 25, 2025 7:06 pm