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If you’ve inherited an IRA, the RMD rules you must follow depend on your relationship to the original deceased owner. There are three general types of inheritors: a spouse, a non-spouse (such as ...
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.
Inheriting an IRA as a beneficiary can increase your financial security. But, because an inherited IRA usually imposes a 10-year distribution schedule, the account may also create larger tax ...
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.
That means if your spouse also has a sizable IRA, you can contribute up to $210,000 as a couple, all while reducing your RMDs. The QCD is a smart way to give to charity, even if you aren't going ...
2. You might not have to take an RMD on an inherited IRA this year. The Secure Act changed the rules on inherited IRAs starting in 2020. The new rules apply to anyone who inherits an IRA from ...
The IRS has special rules regarding the RMD in the year of death that IRA and 401(k) beneficiaries need to be aware of. A financial advisor can help you through the ins and outs of planning for ...
For example, if you as a surviving spouse are the sole beneficiary and treat the IRA as your own, you may have to take RMDs, depending on your age, or you may have to fully withdraw the money in ...