Summerlin Benefits Consulting Q&AAnswer
Oct 23, 2024 - 12:06 PM
Under SECURE 2.0, the excise tax for RMD errors has been reduced from 50% to 25%, effective in 2023. If the RMD error is corrected following specific guidelines, the tax can be further reduced to 10%. This change alleviates some stress for retirees who fail to take their RMDs and potentially reduces the number of waiver requests to the IRS.
