topic inherited ira in Retirement tax questions

inherited ira

pwlevine — Sat, 15 Feb 2020 15:57:45 GMT

My mother passed away in October 2019. She had 3 IRA's that have been split between me and my 2 brothers.

These inherited IRA's have been set up over the last couple of weeks and no RMD has been taken yet on any of them.

Can I use these IRA's as a new IRA on my taxes? I know I can get some sort of tax break if I set up an IRA prior to April 15th.

Or because these are inherited, I can't do that

Re: inherited ira

dmertz — Sat, 15 Feb 2020 16:11:55 GMT

No, you do not get any deductions for these. You did not and cannot contribute to these. These are your mother's IRA's maintained for your and your brothers' benefit, not your onw IRAs.

Re: inherited ira

fanfare — Sat, 15 Feb 2020 20:14:08 GMT

look up the rules for RMD on inherited IRAs.

you may retain and distribute these IRAs over your lifetime.

IRAs inherited from now on must be distributed in full within 10 years

Re: inherited ira

dmertz — Sun, 16 Feb 2020 04:29:47 GMT

The 10-year rule does not apply in this case because the decedent died before 2020.