Inherited IRA
I had an uncle pass away this year and left me his IRA. At the instruction from the custodian, I took his RMD for 2023 from his deceased IRA, and then transferred the remaining to an inherited IRA.
Do I need to also take a distribution this year from the inherited IRA? Or does the RMD from the deceased IRA cover any distributions for this year.
Permalink Submitted by Alan - IRA critic on Mon, 2023-11-13 16:20
The deceased’s RMD that you completed is the only RMD due for 2023. Your beneficiary RMDs begin in 2024 based on your attained age next year and the inherited IRA must be drained in 2033. This assumes that you are more than 10 years younger than uncle.