@Fldavem1
<<so I’m going to need to take a back-RMD for 2022 AND pay a fine?>>
while there is no penalty as explained above, that also means there is no incentive to amend and take a 2022 RMD.. (in fact if you were to call the custodian today and try to do so, it would be reported as part of 2023 in any event).
So you are 'in the clear' for 2021 and 2022.... just have to begin taking RMD's in 2023 and have 8 years to do so (last one in 2030 to liqudate the account).
Best to come up with a strategy to spread out these RMDs based on your own personal situation. Since you are just 60 now, you may not be familiar with IRMAA which is a "stealth tax" added to your Medicare premiums and is based on your income. Your income could increase significantly in the last 3 years (age 65) as you attempt to liquidate the inherited IRA. If you don't have the right strategy over the next 5 years, that can increase your Medicare premiums for a few years.
Remember it's a required MIMIMUM distribution requirement; it's not a required MAXIMUM distribution requirement.
Also, the additional income from the IRA distrributions could also cause more of your social security to be taxable
Taking more out beyond the minimum requirement in the early years can limit hitting IRMAA and reduce how much of social security is taxable. it simply takes some planning and thought. EVeryone's situation is unique.
this is a good website that explains IRMAA and its implications.
https://thefinancebuff.com/medicare-irmaa-income-brackets.html
