Non spousal inherited IRA 2020 distribution
I understand that all RMD’s have been suspended for 2020. My question is can I still take a distribution from the IRA…I want to take less than what the RMD would have been….lower tax bracket…..thank you.
I understand that all RMD’s have been suspended for 2020. My question is can I still take a distribution from the IRA…I want to take less than what the RMD would have been….lower tax bracket…..thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2020-12-22 22:29
You can withdraw whatever amount you want from the inherited IRA. A 2020 distribution will also reduce the balance used to calculate future RMDs.
Permalink Submitted by Steve Ragla on Tue, 2020-12-22 22:35
Thank you, Vanguard site says that I have so much money left to withdrawal for this years rmd. Figured it was just a site thing….appreciate your reply
Permalink Submitted by Alan - IRA critic on Tue, 2020-12-22 22:38
Yes, you can ignore the VG site with respect to 2020 RMDs. They never were able to totally change their site to reflect the RMD waiver.