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Tax Court Rules on New Secure 2.0 Limits for IRA-Related Penalties
News March 06, 2024 at 04:17 PM
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What You Need To Know
- Secure 2.0 established a six-year statute of limitations on the 6% excess IRA contribution penalty and a three-year SOL on penalties for missed RMDs.
- A petitioner appealed an $8.4 million penalty he had racked up over 11 years after a rollover he made was determined to be ineligible.
- The tax court found that the new SOLs were not retroactive, leaving the petitioner on the hook for the full amount.
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