Q: I inherited both a traditional and a Roth IRA from my significant other (non-spouse) who passed away in 2021. He had started taking required minimum distributions (RMDs). I am less than 10 years younger than he was. Question is: do I or do I not have to empty both accounts within 10 years of his death? No one is giving me an answer one way or another.
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Q: Under IRS rules, if I am currently receiving required minimum distributions (RMDs) and die today, my non-spouse beneficiary has 10 years to pay out my IRA. If that beneficiary dies five years later (in August 2029), does the successor beneficiary have five years to continue to pay out RMDs, or does the 10-year period restart?
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Q: My daughters inherited Roths from their grandmother 3 years ago. She was age 101. They were planning to just let them grow until the end of the 10-year payout period. Do the new final SECURE Act regulations now require them to take RMDs before 10 years?
Similarly, assuming no law changes, based on the July 2024 regulations, if they inherit my Roths (I am now 74), will they need to take annual RMDs or just do a payout by the end of the 10 years?
My understanding is that in both cases they would not be an eligible designated beneficiary.
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Q: We have a client with an inherited IRA subject to the 10-year rule. The client has some short-term expenses. According to the custodian, we can do a 60-day rollover back into his own traditional IRA from funds originally distributed from the inherited traditional IRA. However, I’m questioning this. Can you provide some insight?
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