Inherited retirement accounts If the deceased has not taken their RMD, you must generally take a distribution for them by December 31 of the year of death. If the heir of the account is of RMD age, they might also be subject to their own RMDs. The RMD rules for inherited accounts are ...
Required minimum distribution (RMD) rules are similar for IRAs and employer retirement plans, but there are some key differences you should keep in mind.
The first step for non-spouses is to pay any RMD owed by the deceased in the year of death. After that, a non-spouse who inherits an IRA must transfer the funds to a particular inherited IRA. The standard rule for non-spouse beneficiaries is to take all funds from the account by De...
Inherited from someone other than spouse.If the inherited traditional IRA is from anyone other than a deceased spouse, the beneficiary cannot treat it as his or her own. This means that the beneficiary cannot make any contributions to the IRA or roll over any amounts into or out of the i...
the time frame for receiving required minimum distributions is based on when the deceased would have turned 70 1/2 rather than when you turned 70 1/2. For example, if you inherited an IRA from someone who died at age 68 1/2, even if you are only 30, you would have to start taking...