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Retirement tax questions
IRS Notice 2023-54 provides that certain non-spouse beneficiaries subject to the 10-year distribution rule will not fail the RMD requirements because they didn't make distributions in 2023.
You need to report the distribution on your 2024 return. You should receive a 1099-R in 2024 which will generate form 5329 with your 2024 return.
Check, Form 5329 Instructions to include the penalty waiver if you have any penalty assessed in 2024.
[Edited 03/28/2024, 12:30PM PST]
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March 27, 2024
10:53 AM