Many people are under a false impression that they do not need to make withdrawals from an IRA they have inherited until they would have to take withdrawals from an IRA they initiated. To avoid penalties it is important to understand the rules.
If you have an IRA of your own or you inherit one from your spouse, then you are not required to withdraw any money from it until you reach the age of 70 ½ . However, that is not the case if you inherit an IRA from anyone other than your spouse. Inheriting from someone else requires you to make withdrawals sooner or pay stiff penalties.
Recently, the News & Observer discussed the withdrawal rules in “Money Matters: Sibling seeks advice after inheriting brother’s IRA.”
Here are the basic rules:
Reference: News & Observer (Feb. 27, 2016) “Money Matters: Sibling seeks advice after inheriting brother’s IRA.”
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