Yes, except that it's EITHER start taking distributions OR empty the account within 5 years. One condition on the 5-year rule--it doesn't apply if IRA owner died on or after the required beginning date for THEIR required minimum distributions [April 1 of the year following the year they reach age 70-1/2.]
For additional information, see IRS Pub 590-B - Distributions from Individual Retirement Arrangements (IRAs)
[Edited | 3/13/2020 | 1:00pm PDT]
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
