IRS Mulls Relief Under SECURE Act 2.0 for Retirement Distributions

The IRS is mulling guidance under SECURE Act 2.0 that would provide relief to taxpayers who accidentally or inadvertently took minimum distributions from their retirement accounts earlier than required.

Laura Warshawsky, deputy associate chief counsel at the IRS’s Office of Chief Counsel, said on Thursday the agency was considering issuing guidance similar to Notice 2020-51, which addressed taxpayer issues with the SECURE Act, under the new retirement law. She was speaking at the Federal Bar Association’s Insurance Tax Seminar in Washington.

The 2020 guidance extended a 60-day rollover period for certain distributions and permitted a rollover of ...