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The Secure Act changed the rules on inherited IRAs. Instead of being able to stretch out the withdrawals across your lifespan, you now only get 10 years on newly inherited IRAs to deplete the account.
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 ...
The Secure 2.0 Act increased the required minimum distribution age from 72 to 73 starting in 2023. Starting in 2033, the RMD age jumps to 75. But this creates a problem for anyone born in 1959.
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 ...
Required minimum distributions (RMDs) are minimum amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans and pay income tax on that withdrawal. In the Internal Revenue Code itself, the precise term is "minimum required distribution". [1]
The post How the 10-Year RMD Rules Work for Inherited IRAs appeared first on SmartReads by SmartAsset. ... set up required minimum distributions (RMDs) to flow to you over 10 years, or take ...
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