Skip to main content

Ask the Hammer: Do I Need to Take RMDs on My Inherited IRA and Roth IRA?

Jeffrey Levine, Buckingham Wealth Partners, explains the rules for reducing the balances of a traditional IRA and a Roth IRA when you inherit them.

In this Ask the Hammer episode, a reader asks three questions:

"My wife inherited a traditional and a Roth IRA in January 2020 from her mother, who was 92 when she passed. May her memory be a blessing. One, we did not take an RMD [required minimum distribution] in 2020 or 2021. Now the IRS has given its guidance that we have to take an RMD each year. What do we do about 2021? Do I need to take two RMDs in 2022 to make up for it?"

“I have assumed that we don't need to take RMDs from the inherited Roth. Is that correct, or do we need to take RMDs from both the traditional and Roth IRA?”

“My wife sadly passed away in March 2022 and I am now the owner of those IRAs. Does anything change? I turn 70 next month.”

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Robert Powell, editor of Retirement Daily, to answer these questions.

Jeffrey and Bob discuss the differences between traditional and Roth IRA that was inherited and the IRS regulations around each. They also talk about required beginning dates and the “10-year rule” for both IRAs and how that affects RMDs.

Watch the full episode to find out the answer to this reader’s questions.

Got questions?


More Ask the Hammer: