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Retirement tax questions

If you've inherited an IRA from a family member who was not your spouse, you can elect to receive distributions over time rather than all at once. It sounds like that's what is going on with you.

At the time that you inherited this IRA, a calculation should have been made,by you, by the custodian or by the plan administrator, to determine the Required Minimum Distribution (RMD) that you need to take out of the account this year. The amount is based on the value of the account and on a life expectancy factor.

It sounds as if you are getting the RMD each year, but since it is ultimately your responsibility to take these distributions, you should check with the IRA administrator to make sure.

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