Quiz: Do You Know the RMD Rules for 2023?

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The passage of the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act ushered in a number of changes surrounding required minimum distributions. Some new rules created uncertainty among many in terms of taking their RMDs.

We have seen a high level of confusion regarding the timing of RMDs and who must take them. Much of this surrounded the late enactment of rules raising the required beginning date to 73 from 72. This caused a lot of confusion among many clients and even some custodians. As a result, the IRS enacted a “do-over” period that ended Sept. 30.

For many clients, RMDs are confusing enough even without any rule changes. With the changing landscape of RMDs, this confusion may cause them to do things in ways that are not in their best interest or that even may unintentionally violate the rules. Clients need guidance not only on taking their RMDs but also on a number of planning issues around them.

Here are 8 things to know about RMDs for 2023 and 2024, in quiz form, to ensure that you are advising clients properly.

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