new laws on non-spousal withdrawals from an inherited IRA
I understand that the President just passed some new laws regarding non-spousal withdrawals from an inherited IRA. I inherited a large amount in Nov 2003 and did not realize that I had to start withdrawing funds within the first year. Now in my fourth year, what is my best option to withdraw these funds with the least amount of taxes due. Can I still do a “stretch out” over my lifetime by paying a penalty for those years in which I did not withdraw any funds from this inherited IRA?
Thanks
Permalink Submitted by [email protected] on Tue, 2007-07-24 22:10
I’m not sure what you are referring to. The last law was PPA2006 signed last year regarding distrubution from pension plans to inherited IRAs. I think you are stuck with the five-year rule if the owner was under age 70 1/2. Al
Permalink Submitted by Anonymous (not verified) on Sun, 2007-08-26 18:10
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Permalink Submitted by Alan Spross on Tue, 2007-08-28 02:26
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