Hi Bret-TX,
Here a couple things to consider:
- As a non-spouse beneficiary inheriting an IRA from a parent, you have two options: You either can withdraw the account as a lump sum, transfer it into an inherited IRA in your name or do a combination of the two.
- You can move inherited IRA to Roth IRA. You can convert some or all of it to a Roth IRA.
Although you will pay taxes on money you convert, all future withdrawals will be tax-free as long as the account is open at least five years and you are at least 59½ years old at the time.
Here are links that may help:
Tax Tips for Retirement
What are you distribution options?
What to Do With an Inheritance
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