The IRS Waives Missed RMD Penalty for Certain Required Minimum Distributions
On October 7th, 2022, the IRS released Notice 2022-53 announcing they intend to waive the 50% excise tax on certain required minimum distributions (RMDs) from retirement plans in 2021 and 2022. Listed below is a brief backstory to get you up to speed. Backstory: In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019…