Skip to main content

Ask the Hammer: Understanding the Exceptions to the Exceptions for IRAs

Publish date:
Video Rating:
Video Duration:

"Upon my father's passing in 2021, my siblings and I became the beneficiaries of his traditional and Roth IRAs. They were split into separate accounts by the end of that year. We each took a distribution that year from his traditional IRA because he had reached his required beginning date for distributions but hadn't taken the 2021 distribution prior to his death. Am I allowed to elect the 10 year rule and thus not be required to take another distribution from the inherited traditional IRA until December 31, 2031? Or am I required to make an annual life expectancy distributions starting in 2022 using table one of IRS publication 590b? My brain is numb from trying to understand the exceptions to the exceptions to the exceptions. I presume there are no annual distributions required of inherited Roth IRAs that only the 10 year rule applies to someone in my situation. Am I right about that?"

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a question about inheriting IRAs and the rules around them.