RMD Aggregation and Age Requirements of Roth and Traditional IRA Accounts
Question:
Can an RMD from an inherited IRA be taken out of you own traditional IRA?
Jack
inherited IRA
Inherited IRAs and RMDs: Today’s Slott Report Mailbag
Question:
Dear Sirs:
I inherited a regular IRA upon my mother's death in 2015. I am now 75 years old and have been taking required distributions since then. She was taking distributions herself when she died.
My question is: may I close out this IRA now by taking out the entire balance and paying taxes on it? Thanks.
Inherited IRAs and Qualified Charitable Distributions: Today’s Slott Report Mailbag
Question:
Ed,
My mother passed away in May 2019, and I inherited her IRA. She had not completed her RMD for 2019, so I did that. In 2020, I began my RMDs based on the Single Life Table for Inherited IRAs.
Since I inherited prior to January 1, 2020, does anything in the SECURE Act apply to my inherited IRA? Will I be able to continue the RMDs per the Table or will I need to make sure I empty it completely within 10 years of when I inherited it?
Thank you,
Dale
Inherited IRAs and Employer Retirement Plans: Today’s Slott Report Mailbag
Question:
Hello,
Client (72) has recently inherited a “Beneficiary IRA” account. My question is for next year: Can she use qualified charitable distributions for her beneficiary IRA?
Thank you,
Kathy
Inherited IRAs and SEP Accounts: Today’s Slott Report Mailbag
Question:
I have a non-spousal inherited IRA account. Once I take out my RMD for the year, am I able to take out excess funds and roll those into a Roth account?
Thank you.
Answer:
Inherited IRA accounts do not follow all the same rules nor do they have all the same benefits as your own IRA. For one, inherited IRA dollars are not permitted to be converted to a Roth IRA. This is true even if you have satisfied your RMD for the year on that inherited IRA account.
Inherited IRAs and Spousal Rollovers: Today’s Slott Report Mailbag
If the owner of an inherited IRA was required to take RMDs from the IRA prior to his death, can a beneficiary who is younger than age 70 1/2 request QCDs from the inherited IRA?
The Once-Per-Year Rollover Rule and The Recent Proposals by Congress: Today’s Slott Report Mailbag
Question:
I have four IRAs. Does the once-per-year IRA rollover rule mean I can only take one distribution per year in total or does it mean I can only take one distribution per year from each of my four IRAs?
Glen
72(t) Payments and Inherited IRAs: Today’s Slott Report Mailbag
Question:
My situation is as follows: I am 56 years old and have an IRA which I have been taking SEPP/72(t) payments since 2008.
Inherited IRAs and 2021 RMDs: Today’s Slott Report Mailbag
Question:
Good morning,
I have an inherited IRA. I took a manual withdrawal from it in late August. I thought I had deleted my auto withdrawal on the custodian’s website. I just noticed today that another distribution was taken on 9/17. I have done nothing with the money in the core account that it was transferred to. Is there any way for me to reverse this error?
Thank you for any assistance.
IRA Beneficiaries and Inherited IRAs: Today’s Slott Report Mailbag
Question:
Hi,
I have a client who died in 2021 before taking his 2021 RMD. He designated various charities as beneficiaries of his IRA.
The IRA custodian is advising the executor to take the RMD, however according to a previous post by Mr. Slott, Revenue Ruling 2005-36 states in this scenario the RMD is to be paid to the beneficiaries. I suggested the client ask the custodian to request confirmation from their legal department. Any other steps?
Thank you,
LP
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