N-2023-54: Transition Relief and Guidance Relating to Certain Required Minimum Distributions

Notice 2023-54 announces that the Department of the Treasury and the Internal Revenue Service intend to issue final regulations related to required minimum distributions under section 401(a)(9) of the Internal Revenue Code that will apply no earlier than the 2024 distribution calendar year. In addition, this notice provides guidance related to certain provisions of section 401(a)(9) that apply for 2021, 2022, and 2023. This notice also provides rollover relief (including an extension of the 60-day rollover period to September 29, 2023) with respect to any distribution made from a plan or IRA in the first half of 2023 that would have been a required minimum distribution (RMD) if not for section 107 of the SECURE 2.0 Act, and permits certain rollovers to IRAs.

Notice 2023-54 will be in IRB: 2023-31, dated July 31, 2023.

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