If you inherited a traditional IRA account after 2019 from someone other than a spouse, you may need to start taking required minimum distributions (RMDs), even if you’re nowhere near age 73. Some IRA inheritors, such as minor children and the chronically ill, may have other options. But most people in this situation are considered “designated beneficiaries” and must withdraw the inherited IRA’s assets annually under an IRS formula and generally empty the account by the end of the tenth year after the original owner’s death. However, strategies may be available to minimize taxes and avoid penalties on your inherited IRA. Contact us for information.
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