Hi TurboTax Community,
I inherited two (2) IRAs from my Dad when he died last December (2023).
I think these are subject to Required Minimum Distributions (RMDs) and the new 10-year depletion rule for inherited IRAs. The accounts need to be emptied within 10 years.
One IRA is worth $10,000 and the other one is worth $50,000. The total combined value is $60,000.
What is my RMD requirement for 2024? Is my RMD $6,000 ($60,000 divided by 10 years)?
And, can my RMD in 2024 be satisfied by withdrawing $6,000 from either account, or does the RMD have to come from each account? $1,000 withdrawn from one IRA and $5,000 withdrawn from the other?
Am I asking this right? Does my question make sense?
Thanks. Toby
