NASSAUSUFFOLK

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com
------------------------------

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/3/2022 8:36:00 AM
From: Mark Dolinger
Subject: RE: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com
------------------------------

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

However, keep in mind that the law doesn't talk about RMDs only that the account needs to be liquidated at the end of 10 years

Steve Mankowski

------------------------------
Stephen MankowskiCPA
MANKOWSKI ASSOCIATES, CPA, LLC
steve@mankowski.cpa
215-682-7366
------------------------------

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY
------------------------------

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 4:22:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY
------------------------------

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 5:34:00 PM
From: Gerald Cohen
Subject: RE: RMD 2021 and 2022 distributions

That's my  take on this also. Annually at their normal RMD rate with a balloon payment at the end!--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 4:22:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY
------------------------------

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Read the law, not just the ever-changing IRS interpretations

------------------------------
Stephen MankowskiCPA
MANKOWSKI ASSOCIATES, CPA, LLC
steve@mankowski.cpa
215-682-7366
------------------------------

Original Message:
Sent: 12-04-2022 06:32 PM
From: James Greebel
Subject: RMD 2021 and 2022 distributions

i do not think you can do a balloon payment at the end  and not taking any payments in the first 6 years.. T believe you  must  take the money each year based on the value  at 12/31 value, with  whatever number of years are left, and take  the final balance at the end of the 7th year

Original Message:
Sent: 12/4/2022 5:34:00 PM
From: Gerald Cohen
Subject: RE: RMD 2021 and 2022 distributions

That's my  take on this also. Annually at their normal RMD rate with a balloon payment at the end!--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 4:22:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

I believe the article in the link below concisely & clearly states the current status of the inherited ira by a designated beneficiary who is a non-spouse & certain other groups for a decedent passing in 2020. 

https://www.jdsupra.com/legalnews/irs-provides-required-minimum-2124039/




------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview, NY
msdcpa@outlook.com
516-783-1223
------------------------------

Original Message:
Sent: 12-04-2022 07:09 PM
From: Stephen Mankowski
Subject: RMD 2021 and 2022 distributions

Read the law, not just the ever-changing IRS interpretations

------------------------------
Stephen MankowskiCPA
MANKOWSKI ASSOCIATES, CPA, LLC
steve@mankowski.cpa
215-682-7366

Original Message:
Sent: 12-04-2022 06:32 PM
From: James Greebel
Subject: RMD 2021 and 2022 distributions

i do not think you can do a balloon payment at the end  and not taking any payments in the first 6 years.. T believe you  must  take the money each year based on the value  at 12/31 value, with  whatever number of years are left, and take  the final balance at the end of the 7th year

Original Message:
Sent: 12/4/2022 5:34:00 PM
From: Gerald Cohen
Subject: RE: RMD 2021 and 2022 distributions

That's my  take on this also. Annually at their normal RMD rate with a balloon payment at the end!--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 4:22:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 6:33:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

i do not think you can do a balloon payment at the end  and not taking any payments in the first 6 years.. T believe you  must  take the money each year based on the value  at 12/31 value, with  whatever number of years are left, and take  the final balance at the end of the 7th year

Original Message:
Sent: 12/4/2022 5:34:00 PM
From: Gerald Cohen
Subject: RE: RMD 2021 and 2022 distributions

That's my  take on this also. Annually at their normal RMD rate with a balloon payment at the end!--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com

Original Message:
Sent: 12/4/2022 4:22:00 PM
From: James Greebel
Subject: RE: RMD 2021 and 2022 distributions

My understanding is that with the IRS not penalizing the non-withdrawals of RMD's in  2020,2021 or 2022, the beneficiary has to pull the money out in the remainder of 7 years.

------------------------------
James Greebel
JAMES I. GREEBEL
ROSLYN HEIGHTS NY
------------------------------

Original Message:
Sent: 12-03-2022 08:35 AM
From: Mark Dolinger
Subject: RMD 2021 and 2022 distributions

UBS financial information is sending out information claiming the same that RMD distributions for inherited IRA's for beneficiaries of someone who passed in 2020 or later are not required to take RMD's until 2023.  After reviewing their material and IRS notice 2022-53 it seems that is the case.  I am not clear as to whether or not makeup distributions for years 2021 & 2022, if not taken will be required in 2023. Hoping that someone in the group can provide clarification on this.

thank you

------------------------------
Mark Dolinger CPA
MSD CPA, PC
Plainview NY
516-783-1223
msdcpa@outlook.com

Original Message:
Sent: 12-02-2022 07:42 PM
From: Gerald Cohen
Subject: RMD 2021 and 2022 distributions

Hi everyone

This was discussed at the symposium, where the IRS is not assessing penalties for not taking a beneficiary distribution.both in 2021 or 2022. Was the final consensus that you don't have to take 2022 or 2021 and that there is no catch up required? So we have to advise clients to take their RMD in 2023 with no doubling up?

Am I missing something??

Jerry

--

Gerald S. Cohen, CPA

cell 516 455-0643

jerrycohencpa@gmail.com