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If you inherited an IRA after Dec. 31, 2019, from someone who was already taking required minimum distributions, you'll have to continue taking annual RMDs until you empty the account. The IRS ...
If you inherited an IRA from someone after Dec. 31, 2019, you may have to take an RMD in 2025. The SECURE Act established a rule requiring beneficiaries (with limited exceptions) who inherit an ...
If you inherited an IRA from someone subject to RMDs after Dec. 31, 2019 and you're not a spouse, minor child, or less than 10 years younger than the original owner, you'll also be subject to RMDs.
But you can't defer those taxes forever. Eventually, the government wants its tax revenue. That's why it imposes required minimum distributions , or RMDs, on accounts like the 401(k) and IRA.
At the same time, you won't have to withdraw more than you need due to RMDs, so you can keep the account growing tax-free. 2. Those who inherited IRAs since 2020 can avoid taking RMDs in 2024
Data source: IRS. Keep in mind you can delay your first required minimum distribution until April 1 of the following year. That said, your next distribution must come out by Dec. 31 of that year ...
You Should Plan To Start Taking RMDs at Age 73 if You Were Born in 1959 The Secure 2.0 Act increased the RMD age from 72 to 73 as of 2023 — and the age will increase to 77 starting in 2033.
Knowing these important rules could save you a lot in taxes and fees. 3 New Required Minimum Distribution (RMD) Rules Everyone Must Know Before the End of 2024 Skip to main content