My mother passed away in 2019. The original beneficiaries of her IRAs disclaimed interest and her grandchildren, including my minor son, became beneficiaries. The money was officially transferred to an Inherited IRA in my son's name in September 2021(this was also when her estate was settled). My mom had taken her RMD in 2019, 2020 was waived due to COVID, and we have gotten varying advice from both retirement specialists and tax professionals as to what needs to be done next. Some have said that since she died prior to the SECURE Act that my son still falls under the old "stretch" payments over this lifetime. Some have said that no RMDs are needed, but the account needs to be drained by 2029 with the "10-year rule". Another said that we need to fill out form 5329 because we did not withdraw in 2021 and then make up for it in 2022 to avoid penalty. I am trying to do the right thing (and avoid any penalty), but no one seems to know exactly what to do. Any help would be greatly appreciated. Thank you.
