Is RMD required of me for beneficiary Roth IRA account?

Forum|Forum|3 years ago
September 28, 2022
1 reply
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I inherited a Roth IRA from a parent in November 2021. My parent was 73 and I'm 48. I just found out that I will need to transfer all the money out of this beneficiary Roth IRA account within 10 years. I was also notified that I 'might' have to take an RMD every year. I haven't taken any money out of this account for 2022 yet. Am I required to take an RMD out of this account in 2022 to avoid a tax penalty? I was thinking I would get a tax penalty if I DID take any money out before I turned 59 1/2?

johnd84

Thanks for your question! Yes RMDs are required for inherited Roth IRAs from your parent. The only exception would be for a spouse, but that exception doesn't apply in your case. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions

Take a look at Fidelity's link here: https://www.fidelity.com/building-savings/learn-about-iras/inherited-ira-rmd#:~:text=If%20you%20inherited%20a%20Roth,can%20make%20tax%2Dfree%20withdrawals.

Be sure to look at the "Non Spouse" Tab. Thanks again!

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