Do I have to start withdrawing money from my inherited IRA at age 70.5?

Answer this question

  • Do I have to start withdrawing money from my inherited IRA at age 70.5?


Answer #1 | 23/07 2014 16:37
And might have to start sooner than that depending on how you as the beneficiary of this inherited IRA did handle it at that time when you did inherit it at some time in your past. 5-year rule. The 5-year rule requires the IRA beneficiaries to withdraw 100% of the IRA by December 31 of the year containing the fifth anniversary of the owner’s death. For example, if the owner died in 2013, the beneficiary would have to fully distribute the plan by December 31, 2018. The beneficiary is allowed, but not required, to take distributions prior to that date. The 5-year rule never applies if the owner died on or after his or her required beginning date. Review the IRA plan documents or consult with the IRA custodian or trustee for specifics on the 5-year rule provisions of any particular plan. Publication 590 (2013), Individual Retirement Arrangements ... Hope that you find the above enclosed information useful. 07/22/2014
Positive: 50 %
Answer #2 | 23/07 2014 17:15
Yes, assuming its a "traditional" IRA - not a Roth.
Positive: 50 %
Answer #3 | 23/07 2014 16:46
everyone who is 70 1/5 by April 15 of any given year is required to take a minimum distribution or suffer a huge penalty
Positive: 50 %
Answer #4 | 23/07 2014 16:26
Yes, you must begin the required minimum withdrawal by age 70.5. The government wants their tax dollars.
Positive: 50 %
Answer #5 | 23/07 2014 19:10
Roth, no. Traditional IRA, yes. An inherited IRA might have earlier deadlines for withdrawal. And April 15 has nothing to do with equired withdrawals.
Positive: 0 %

Possible answer

Login to your account
Create new account