I am 60 in December 2023 and the recipient of a TWICE Inherited IRA worth approximately $13,000. It was first owned by my grandmother who died in 2011. It then passed to my mother who died in 2015. I found out about it several years, about 5, after she passed. At that time, I converted it from their names into mine but of course, it still remains a TWICE inherited IRA. My current annual income, for the last about 8 years, is about $13,000. My questions are the following.
1. When should the required minimum distribution (RMD) start? None has been taken. A tax accountant told me several years ago, some combination of (I don't remember exactly which/what) IRA wasn't large enough, I didn't make enough annually &/or I wasn't old enough to be required to. (??!!)
- 10 years after the first owner's (grandmother's) death (2011+10=2021?) or
- 10 years after the second owner's (my mother's) death (2015+10=2025?)
2. If I haven't taken a distribution & was required to do so starting 2021, what does that mean for 2023 & future income & tax filings.
3. To complicate things even more, I filed bankruptcy in mid-February 2023. How does that affect the IRA, the RMD, & anything else I may have forgotten or not thought about.
