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Inheriting an IRA or 401(k) can add to your wealth but it can also bring some potential tax headaches. One tricky issue involves required minimum distributions or RMDs. IRA and 401(k) plan owners ...
If you still own an inherited IRA from 2019 or earlier, you'll likely need to take an RMD by the end of 2024 (and ensure you took RMDs in each of the last three years). Knowing the rules can help ...
July 19, 2024 at 9:40 AM. Brendan Smialowski / Getty. ... If the deceased owner of the IRA had a RMD, then the beneficiary's annual distribution will be based on their own life expectancy, with ...
Because Secure 1.0 creates a thicket of rules and classifications to wade through, the IRS decided to waive missed RMD penalties for inherited IRAs from 2020 through 2024.
RMDs apply to anyone age 73 or older and may apply to inherited IRAs as well, regardless of the account holder's age. ... everyone needs to know before the end of 2024. ... was already subject to ...
The 5-year rule does not apply if the decedent died after having started his/her required minimum distributions (generally if he/she died later than April 1 after reaching age 72 [a]). In that case, there is no 5-year rule, and the beneficiary takes distributions over the length of his/her own life expectancy or the remaining life expectancy ...
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