Inherited IRA - the latest?

[BOBOT]

DW has an inherited tIRA from her mother, who died in late 2020 at 87yo.
No distributions have been taken to date, on the understanding that the only requirement was to distribute the entire account by the end of the 10th yr after her mother passed.



Now we're reading that a recent rule change does in fact require RMDs, with a temporary exemption until 1/1/2023 for accounts inherited in 2020/2021.


Much of the info from various sources seems outdated, or vague as to the actual requirements for different situations. And I've incurred migraines from descending into the rabbit hole of IRS gobbledygook.


We'll go to a tax pro if we have to, but if anyone has dealt with this recently or can point to definitive (AND understandable) sources, we be much obliged.

 

[SecondCor521]

The bottom line seems to be:

The IRS has proposed rules requiring RMDs for traditional IRAs during the 10 year period.

These rules are under consideration and may be modified, rescinded, etc. before being implemented.

These rules are not in effect yet.

If they do come into effect, I'm sure you'll see chatter about them.

You generally have until 12/31/2030 to empty the IRA in any case.

 

[Al18]

IRS has released new guidance. For an explanation, refer to https://www.irahelp.com/slottreport

 

[SecondCor521]

IRS has released new guidance. For an explanation, refer to https://www.irahelp.com/slottreport

That seems to be a generic link. I saw 10 articles on the first page, none of which appeared directly applicable to OP's question.

(I do respect Ed Slott.)

 

[all4j]

Try this link: https://www.irahelp.com/slottreport...ssed-2021-and-2022-rmds-within-10-year-period

I only skimmed this, but I noted a couple of typos. It does reference the IRS Notice 2022-53 which is the 'official' gobbledygook. There has been some chatter on this (not so much on this board) & so I'm sure there are other articles. Perhaps do a search on IRS notice.

Hope this helps

 

[Whisper66]

Other than the IRS web site itself, I've found Ed Slott and his IRAHelp site as the best source for this type of into. If you do a search on "secure inherited IRA" on that website, you should find easy to understand answers. I just tried it and the search engine is temporarily not working. But just browsing a bit, I found the following ... https://www.irahelp.com/forum-post/72935-irs-notice-2022-53-question