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Inherited IRA Headaches, when to take the RMD?



Were you fortunate enough to inherit someone's IRA? If so, there are a lot of questions to ask prior to figuring out the best path forward for that money. There are two key questions one must ask prior to determining how to use the IRA money:


1) When did the IRA owner die (before 2020 or after)? Depending on the answer, different rules could apply.

2) Did the IRA owner die prior to their required beginning date? This is generally April 1st of the year following the owner turning 73.


The answer to these will trigger different rules. When in doubt, seek out the guidance of a trusted investment advisor to aid you in the process of distributing these assets. The rules aren't black & white and there are many variations depending on your relationship to the IRA owner.

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