Father and mother both die and leave a Roth IRA to their only son which makes it an inherited ROTH IRA.
It was my understanding that the son would not be required to take RMDs from the ROTH IRA, but in accordance to the 10 year rule, he would have to have all of it cleared out by the end of 10 years, even if he waited until the very last year to do it. I do now believe this is wrong, but I got confused over at IRS.com trying to understand if the rules were being applied to just traditional IRAs or Roth IRAs or what exceptions might apply. I find Bogleheads to be great at fulfilling the function of IRS Whisperer.
Can I get the confirmation from the forum that a son inheriting a Roth IRA from his parents will be required to take RMDS? Correct? No exceptions?
Thank you.
Now I'm curious. Was there a time when the law was interpreted such that the son would not have to take RMDs? Was this something that was only recently clarified (last year or two). Just wondering how I got this notion in my head.
Furthermore, is it correct to say these same rules apply the same regardless of whether or not the Roth was originally derived from a 401k Roth, 403b Roth, 457 Roth, etc, rather than from an IRA?
It was my understanding that the son would not be required to take RMDs from the ROTH IRA, but in accordance to the 10 year rule, he would have to have all of it cleared out by the end of 10 years, even if he waited until the very last year to do it. I do now believe this is wrong, but I got confused over at IRS.com trying to understand if the rules were being applied to just traditional IRAs or Roth IRAs or what exceptions might apply. I find Bogleheads to be great at fulfilling the function of IRS Whisperer.
Can I get the confirmation from the forum that a son inheriting a Roth IRA from his parents will be required to take RMDS? Correct? No exceptions?
Thank you.
Now I'm curious. Was there a time when the law was interpreted such that the son would not have to take RMDs? Was this something that was only recently clarified (last year or two). Just wondering how I got this notion in my head.
Furthermore, is it correct to say these same rules apply the same regardless of whether or not the Roth was originally derived from a 401k Roth, 403b Roth, 457 Roth, etc, rather than from an IRA?
Statistics: Posted by bobsmith — Thu Aug 29, 2024 9:48 am — Replies 5 — Views 211