Inherited Individual Retirement Accounts (IRAs)
If you have Inherited IRAs where the Decedent passed after 12/31/2019, the IRS had granted a concession on taking RMDs for tax years 2021, 2022 and 2023. However, for tax years 2024 and beyond, the IRS position is that certain beneficiaries are required to take annual RMDs under the 10-Year Rule. Click to read more.
Required Minimum Distributions (RMDs)
For 2024, the age of retirement plan owners who are required to take RMDs is now 73 years old (vs. 72). Plan participants who turn 72 in 2024 will not be required to take their first RMD until 2025. The age for the first RMDs will be further raised to 75 years old, but will not be effective until 2032.
Revised Marginal Tax Brackets, Capital Gains Tax Brackets, and Standard Deductions
Tax rates have not changed, but tax brackets have increased due to inflation. The advantage is that a higher tax bracket results in a lower tax payment. Full details of the revised brackets for 2024 can be found in the charts to the right. >>
2024 Legislative Updates
Retirement Plan Contribution Limits
Many of the contribution limits for Retirement Plans have been raised for 2024. More details can be found in the charts to the left.
<<