Q: I have a general question regarding the 10-year time frame for emptying an inherited IRA. Your guidance says that the deadline is the END of the tenth year following death. In this specific situation, the death occurred July 9, 2020, so I believe the deadline is December 31, 2030, the end of the tenth year. I have seen some articles indicating that it is exactly 10 years later (July 9, 2030 in this case), rather than the end of the tenth year.
Would you please clarify this question for me?
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Q: Can you please clarify a question I have about whether I should take a Roth IRA withdrawal?
I am much older than age 59 ½, and my first Roth IRA was opened over 20 years ago. I now own a second Roth which holds recently converted funds from my 403(b) account. I am planning to make added Roth conversions over the next couple of years and pay the tax on these conversions. If I make a subsequent withdrawal from my Roth IRA, will it be tax- and penalty-free? I think so from what I have read, given my age and the fact that my first Roth account was opened over 5 years ago. However, some commentators seem to think that any Roth withdrawal must wait 5 years from the conversion in order to avoid being taxed on earnings. I don’t think this is correct and hope you can help.
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Q: My mother passed away in April of 2023 and no required minimum distribution (RMD) was taken. The entire IRA account was paid out to the charity that was the beneficiary. Was there a requirement to take the RMD?
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