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If you inherit an IRA or 401(k) and fail to take the RMD for the year of the account owner’s death, a 50% tax penalty applies. There’s an exception if the estate is named as the beneficiary of ...
It was unclear as written whether someone inheriting an IRA subject to the 10-year rule must also take RMDs in years one through nine. The IRS waived the requirements for 2021 through 2024 but ...
However, the IRS made a ruling in 2024 that says you can now deplete the account based on the original owner's age. That can reduce the burden of inherited IRA RMDs on someone who's already taking ...
Because Secure 1.0 creates a thicket of rules and classifications to wade through, the IRS decided to waive missed RMD penalties for inherited IRAs from 2020 through 2024.
They can treat the inherited IRA as their own, or take distributions based on their life expectancy. These new rules do not apply to accounts inherited before 2020, or to Roth IRAs. This story was ...
The IRS waived the RMD requirement for 2020 through 2024. The IRS recently decided that it will start enforcing RMDs on inherited IRAs beginning in 2025, and annual distributions must continue in ...
For example, if you're turning 73 this year and you have a retirement account with a balance of $100,000 at the end of 2023, you'd divide $100,000 by the 26.5 distribution period for 73-year-olds ...
If you’ve reached age 72, you must take RMDs. Use this table as a guide.