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Major RMD changes coming - IRS proposes RMD tables and public hearing notice

On Thursday, November 7, 2019, the Internal Revenue Service announced notices of proposed rulemaking and public hearing for new rules updating the life expectancy and distribution period tables used to determine required minimum distribution calculations. Those interested in commenting have until January 7, 2020 to offer written hard copy or electronic submissions prior to the public hearing on January 23, 2020. To submit and read comments electronically go to https://www.regulations.gov/document?D=IRS-2019-0050-0001

The Summary

"This document sets forth proposed regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions from qualified retirement plans, individual retirement accounts and annuities, and certain other tax favored employer-provided retirement arrangements. These regulations affect participants, beneficiaries, and plan administrators of these qualified retirement plans and other tax-favored employer-provided retirement arrangements, as well as owners, beneficiaries, trustees and custodians of individual retirement accounts and annuities. This document also provides a notice of a public hearing on these proposed regulations."

 To read the full proposal on the Federal Register, go to https://www.govinfo.gov/content/pkg/FR-2019-11-08/pdf/2019-24065.pdf