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re: Inherited IRA Question
Posted on 2/1/24 at 6:24 pm to HoustonChick86
Posted on 2/1/24 at 6:24 pm to HoustonChick86
quote:
It's all the same Inherited IRA. It was my grandmother's, then my mom's, now mine.
Ah ok I didn't catch that. In that case, then my statement about depleting before 2026 w/o penalty should apply. Under the 5 year rule, you did not have to start RMDs in 2020. So there should be no penalties owed currently.
Since you are thinking of taking out all the money now. I would do half in 2024 and the rest in 2025. That assumes taking the full 90k in a single year would push you into another tax bracket.
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