Solved: Re: IRA beneficiary - Required Minimum Distributions

shydig · Nov 23, 2022 9:18:25 AM

<P>I'm looking for clarity around surprisingly dynamic IRA rules. I inherited a traditional IRA in 2020 from my dad who was 89. Following the Secure Act, it is my understanding that I have 10 years to withdraw all of these taxable funds. I'm trying to verify that I can take the distributions at my convenience as opposed to annual RMDs. But I have seen some information that suggests that because my dad was already taking RMD's from this account that I may be required to take RMBs as well. Can somebody verify my RMD requirement or point me to documentation that specifies the current rules? Thanks in advance. </P>

IRA beneficiary - Required Minimum Distributions

Your RMD for a particular year is the previous year's year-end balance divided by the life-expectancy factor for the particular year. Your life-expectancy factor for the particular year is the factor from the Single Life Expectancy Table (https://www.irs.gov/publications/p590b#en_US_2021_publink100089977) for your age attained in 2021 reduced by 1 for each subsequent year. For example, if you attained age 64 in 2021, the factor for 2022 would be 23.7 - 1 = 22.7.