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An inherited IRA is an individual retirement account opened when you inherit a tax-advantaged retirement plan ... Whether the original account owner had to take required minimum distributions ...
For example, while most non-spouse beneficiaries must spend down the accounts in 10 years, they only have a required minimum distribution (RMD) each year if the decedent was past the RMD age.
Anyone who inherited an IRA from an owner who was already taking RMDs will need to continue taking annual distributions. While the RMD rule isn't retroactive, the 10-year rule still applies for ...
If the IRA owner named a non-person (such as his estate) as the beneficiary and had died after beginning required minimum distributions, then the estate or other non-person beneficiary may take distributions over the remaining life expectancy the decedent would have had.
Previously, if you inherited an IRA account, the annual required minimum distribution (RMD) was typically based on your life expectancy. But in 2020, the rules changed. Don't miss
A required minimum distribution refers to a rule that says a beneficiary of an inherited traditional or Roth IRA must make annual distributions of at least a certain amount based on IRS formulas ...