Inherited IRA 10 year rule question
Kids inherited IRA from 90 year old mom in 2022. Money was divided and moved into individual Inherited IRA accounts? can distribution be taking as a flat amount in year 10 or do they need to be taking based on lifetime table yearly starting in 2023? Or is there one due in year 2022?
Permalink Submitted by Alan - IRA critic on Thu, 2022-11-17 23:05
For 2022, the childen only need to be sure that mom completed her 2022 RMD before passing. If not, they need to complete her RMD in any combination between them. Based on the IRS proposed Regs which are not yet final, they will need to drain the inherited IRAs by 12/31/2032, but also to take annual RMDs starting in 2023 based on their respective ages in 2023 using the single life table.