Ask Terry Questions Inherited IRA account

Inherited IRA account

By Terry Savage on April 22, 2024 | Financial Planning / Retirement

I was understanding that there is a 10 year requirement to withdraw all the monies, my question is does that include the profits on the account that I made over the 10 years.

Terry Says

Yes, since you are not a spousal beneficiary, you must withdraw the entire account (and pay ordinary income taxes on the withdrawals) within 10 years.

And I’m presuming the original owner had not started taking RMDs. If he/she had started RMDs, you should be continuing those annually. Please talk with your inherited IRA custodian to make sure you follow the rules.

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