Inherited IRA
Hi Terry If I received an inherited IRA in December of 2019 but the person I inherited it from passed away in November of 2019 I am not the spouse do i have to put it into taxable money or deplete it in 10 years
Terry Says
Since you inherited it before year-end 2019, you can roll it into an inherited IRA and let it continue to grow over your lifetime — UNLESS the decedent had already started taking RMDs. In that case, contact the IRA custodian and ask them what your required distributions must be. BUT, if you were required but did not take distributions in the year 2020 and 2021, then be prepared for stiff penalties.
So I hope you did a rollover to an inherited IRA. AND, I hope you then asked the custodian (Fidelity, Vanguard, or whomever) what your obligations were in the rules before the Secure Act of 2020 changed everything.
