Inherited IRA in 2019- Does 10 year rule apply?
I met a prospect whose mother died in 2019 and left him an IRA . Current, advisor at large wirehouse advised my prospect he must take RMDs every year.
My question is can he allow this IRA to grow and take out money in 2029? The current RMDs are adding to his taxable income and he doesn’t need the extra income.
Permalink Submitted by Alan - IRA critic on Wed, 2022-02-23 16:06
The 10 year rule only applies for deaths after 2019. Prospect must take life expectancy RMDs starting for 2021. The new lower table is used starting this year.