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Required minimum distributions (RMD) must begin for the year in which the account owner reaches age 72, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts is more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs to be able to assist in ensuring that penalties are avoided.
All practitioners advising clients on these complex issues.
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