My dad died in 2021 at the age of 59. He had $900,000 in a pre-tax 401k. He was divorced from my mom but had left her as a beneficiary. My mom declined to accept it so myself and sibling inherited and split the money. I created an inherited IRA at Vangaurd in 2022. My dad was not paying RMDs. I am currently in the top tax bracket so my plan was to take it out lump sum at year 10. I’ve been reading that if you are not a listed beneficiary (which my mom was who subsequently made us the beneficiary) that maybe you have to pay RMDs on the inherited IRA at year 1 (which I have not). I was curious if I could take it all out on year 10 or if I need to be paying RMDs? Any other considerations I need to make is greatly appreciated.
Thank you!
Thank you!
Statistics: Posted by North17 — Thu May 30, 2024 10:11 am — Replies 8 — Views 541