inherited roth ira
I was the sole beneficiary of a friends Roth Ira. He passed away in December 2022.
I am 11 years younger then he. I just got it in June. I thought I just had to empty the account in
10 years. Now I’m hearing I might have to take yearly RMDs
Nobody seems to know the IRS’s policy for a Roth Ira. Please help Terry!!!
Terry Says
That was up in the air until earlier in the year. Now, the Internal Revenue Service has reassured IRA beneficiaries subject to the 10-year rule that they do not need to take required minimum distributions in 2023 from accounts they inherited in 2020 or later. But you still do have to empty it in 10 years, since you are a non-spousal beneficiary.
