Inherited IRA and 457 Plan

[ripper1]

Even though I am taking RMD's from an Inherited IRA now I am wondering when I become 70 and 1/2 how would I take RMD from 457? I guess you can't add the two together and take the full amount from either or combination of two. I'm thinking Inherited IRA has its own rules and I would have to take a full RMD from 457. Thoughts?

 

[MissMolly]

Yes, inherited IRAs have their own rules. Unless it was inherited from a spouse, it cannot be combined.

 

[ripper1]

It was inherited from my brother to me and my three siblings. So I guess it sounds like two separate RMD's. Which makes me think I should be taking all if not most of my distributions from my retirement accounts for the next 8 or 9 years because at that point I will be making quite hefty RMD withdrawals.

 

[Brat]

If you are still working move as much from your IRA to a Roth as you can, maybe even find a funky job so you can qualify. Roths are not subject to RMDs.

 

[ripper1]

If you are still working move as much from your IRA to a Roth as you can, maybe even find a funky job so you can qualify. Roths are not subject to RMDs.

Yeah, should have done that years ago.

 

[Luck_Club]

https://www.schwab.com/public/schwab/investing/accounts_products/accounts/ira/inherited_ira
They have a good calculator to figure out your minimum distributions. You can take it over your lifetime, stretching out the distributions beyond 5 years. Then you can use your own earning to build your own savings...

 

[GalaxyBoy]

IRS rules do not permit converting an inherited IRA to a Roth. RMD rules are different as well (as the OP already mentioned) so it can’t be rolled over to a trad IRA either.

Lots of info available from the Google. I did a lot of research earlier this year when I inherited half of DF’s IRA.

 

[Brat]

My suggestion applied only to the OP's existing IRA, not the inherited IRA.

 

[ripper1]

My suggestion applied only to the OP's existing IRA, not the inherited IRA.

Thanks