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If you inherited an IRA after Dec. 31, 2019, from someone who was already taking required minimum distributions, you'll have to continue taking annual RMDs until you empty the account. The IRS ...
Either way, John still has to take his $10,000 RMD and pay any related income taxes. 3. RMDs are generally due at the end of each year, and they are based on account balances
Data source: IRS. Keep in mind you can delay your first required minimum distribution until April 1 of the following year. That said, your next distribution must come out by Dec. 31 of that year ...
Your required minimum distribution depends on at least two factors: Your account balance(s) at the end of the previous year ... For example: one easy trick could pay you as much as $ 22,924 more ...
But it's a big misconception that your RMD has to be spent. The only requirement with RMDs is to get that money out of your IRA or 401(k). Beyond that, what you do with those funds is up to you.
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 ...
For example, say you have two IRAs, one with a $5,000 RMD and one with a $7,000 RMD. You could take $12,000 from one, $6,000 from each, or any combination you like as long as you withdraw at least ...
Knowing these important rules could save you a lot in taxes and fees.