Inherited IRA
Love you and love listening to you on WGN. I’m 71, and inherited Fidelity IRA from my Mother in 2019. I have. Made the RMD each year. Is there a date which I must cash in this IRA by? Other than the required taxes that I pay when I make my RMD are there any thing else I need to know regarding this?
Terry Says
Since you inherited the IRA before new rules came into effect in 2020, you can extend the withdrawals over your lifetime (or on the schedule that was started by your mother if she had already started taking withdrawals). You IRA custodian will have the rules that apply in your case.
