Inherited IRA

DDABM — Wed, 19 Mar 2025 16:17:23 GMT

I inherited an IRA from a parent who was born in 1932. I know I need to deplete the entire IRA within 10 years but is an annual RMD required? I did take money out last year. When entering the IRA info into TurboTax is asks if an RMD is required and I was not sure if its required or not.

Re: Inherited IRA

DianeW777 — Wed, 19 Mar 2025 16:26:13 GMT

It depends. It must be emptied by the 10th year and the chart in the link below will give a more detailed answer based on your specific circumstances.

Required RMDs for IRA Beneficiaries

Non-spouse beneficiary options

In 2020 and later, options for a beneficiary who is not the spouse of the deceased account owner depend on whether they are an "eligible designated beneficiary." An eligible designated beneficiary is

Spouse or minor child of the deceased account holder
Disabled or chronically ill individual
Individual who is not more than 10 years younger than the IRA owner or plan participant

An eligible designated beneficiary may

Take distributions over the longer of their own life expectancy and the employee's remaining life expectancy, or
Follow the 10-year rule (if the account owner died before that owner's required beginning date)

10-year rule: If a beneficiary is subject to the 10-year rule,

Empty the entire account by the end of the 10th year following the year of the account owner's (or eligible designated beneficiary's) death
Relief under Notice 2022-53 for beneficiaries subject to the 10-year rule
- The IRS will not treat a beneficiary of an inherited account in a plan or IRA who was subject to the 10-year rule and who failed to take an RMD for 2021 and 2022 as having failed to take the correct RMD

topic Inherited IRA in Get your taxes done using TurboTax

Inherited IRA

Re: Inherited IRA

It depends. It must be emptied by the 10th year and the chart in the link below will give a more detailed answer based on your specific circumstances.

Non-spouse beneficiary options