Ask Terry Questions Inherited IRA

Inherited IRA

By Terry Savage on February 28, 2024 | Financial Planning / Retirement

Hi Terry,
I have followed you for many years and have found your advice invaluable. I was listening to one of your podcasts this morning and you mentioned Inherited IRA’s and RMD. I think I may have messed up! I inherited an IRA (vanguard) from my mother who died 12/2021 (she took the 2021 RMD) . I knew I had 10 years to withdraw this money and just realized I should have taken RMD’s for 2022 and 2023. I did some digging and found an IRS article stating they waived the penalty in 2022 and expanded it for 2023 due to a lot of confusion the changes had caused-(IRS 2022-53 2022-45 IRB 437 and another section updated for 2023) both read as clear as mud to me . I am hoping this will apply to me? If not, any suggest on how to rectify this as easy as possible.
Thanks Terry!

Terry Says

Who filed your tax return for those years? Contact your CPA and ask that person if you have to file a revised return. And also, immediately contact Vanguard, and ask their opinion. Do that first, as they will know the answer.

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