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But, because an inherited IRA usually imposes a 10-year distribution schedule, the account may also create larger tax implications than expected. However, exceptions to this timeline are available.
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 ...
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 good news is that the required distribution is waived for 2024, just as it was from 2020 through 2023. ... So if you inherited an IRA in 2020, you still only have until 2030 to deplete the ...
Inheriting an IRA or 401(k) can add to your wealth but it can also bring some potential tax headaches. One tricky issue involves required minimum distributions or RMDs. IRA and 401(k) plan owners ...
First, this doesn't apply to those who have inherited an IRA from someone who died after 2019. If that's you, you still have to take your first RMD by Dec. 31, 2024.