A 62-Year-Old Who Inherited a $1.2 Million IRA Is About to Hand the IRS $320,000
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The post A 62-Year-Old Who Inherited a $1.2 Million IRA Is About to Hand the IRS $320,000 appeared first on 24/7 Wall St..
A woman turns 62, her father passes, and his $1.2 million traditional IRA lands in her name. She is a non-spouse beneficiary, so the 10-year rule applies. Because her father had already started his own required minimum distributions before death, she inherits an extra wrinkle. She must take annual RMDs in years one through nine and drain the account by year 10, not just clea
A woman turns 62, her father passes, and his $1.2 million traditional IRA lands in her name. She is a non-spouse beneficiary, so the 10-year rule applies. Because her father had already started his own required minimum distributions before death, she inherits an extra wrinkle. She must take annual RMDs in years one through nine and drain the account by year 10, not just clea
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