Inherited IRA
Terry – I need advise about inherited IRA’s.
Here are a couple of specifics…
My mom passed away in 2008 and I inherited a few IRAs. I am also the executor of her Trust. Currently I am 70 years old. What are the distribution rules on the distributions? I caught your program this week and understand I may be able to take distributions over my lifetime since she passed in 2008? Do I have that correct? Where can I get additional info regarding this?
Thanks,
Love your show and WGN should give you MORE TIME!
Eric Drogos
edrogos@ameritech.net
Terry Says
A lot depends on her age when she passed and whether she had already started taking her own RMDs (then required at age 70-1/2).
Since she passed before 2019, you are not impacted by the 10-year rule created under the Secure Act, as Ed Slott of IRAHelp.com
explains in this article.
BUT under the old rules you would have been required to take distributions from this IRA (over your projected lifetime — leaving the balance to grow) starting the year after her death? Did you do that?? Or did you just let the money keep growing?
And that assumes you were the direct IRA beneficiary — not the trust.
Need more specifics to point you in the right direction. Or go to www.IRAHelp.com and ask your question of IRS guru Ed Slott. But be sure to give more details.
