Today we’re talking about required minimum distributions on an inherited IRAs. Are RMD’s required? The Secure Act removed the stretch IRA but implemented the 10 year rule which the IRS has not been super clear about whether requires RMD’s or not.
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Does these rules still apply
There is nothing confusing about RMDs. It is a simple calculation of dividing your IRA/401K balance by a factor provided in a easy to follow table.
Great info! Sadly my mother passed away January of 2022, and I inherited her 401(k). She was 87 and I’m 52. I do remember every November she would get a disbursement from her 401(k). I was told, because my mother passed away in January that I would now be responsible for taking out that disbursement and would need to do so between now and November 2022. I’m like….wait, what? It’s so hard to understand what to do and the fact they the government tells us what we have to do with an inheritance is crazy to me. Sorry, just my two cents ❤️
The 'R' in the RMD is for 'Required'. So the IRS doesn't have to clarify anything. It is required sir.
Thank you for this great video. I just opened an inherited IRA. My mother passed away in 2019, so I can go by the old rules, luckily.
if you don't have to take it, its not an RMD
What about inherited Roth IRAs?
The IRS said it’s a mistake. No RMDs required during the 10 years.
The question is whether an inherited Roth requires distribution by year 10.
This confusion also extends to inherited Roth IRAs.
I enjoy watching your videos and tips! I always see that use the software Nestegg, is there a software that someone can use at home that is similar?
Even if we just gave all those fat Wall Street / Biden socialite bastards all are hard earned money, it still would not be enough!! All us little people just can’t make it happen in a rigged world.
My smallish IRA (I did Roths starting in 1998 and have mostly taxable) is being split 4 ways. When I see them, I'll suggest making equal distributions for 10 years, if their income is likely to remain about the same. With the splits, amounts involved in the IRA and the 4 people, this shouldn't bump their income up a lot. Even so, I've been doing Roth Conversions for the last number of years because most of them make more than me.
My first RMD might be next year. I won't do any more conversions after that starts.
I'm a great saver but a piss-poor spender. 🙂
Thanks for the video! Question, if I inherited and IRA from my grandmother who is 80 and I am 30 how does that all work?
Hey Dustin. Thanks for the info. What if we have an existing inherited IRA and have taken RMD's. However, in 2020 we took a very large amount. 20X the RMD. Do we still need to take a yearly RMD going forward in 2021 and forth? Thanks.