It’s possible to save on taxes by taking funds from inherited retirement accounts sooner, experts say. Here’s what heirs need to know.
If you inherited an individual retirement account, the IRS waived penalties for some missed mandatory withdrawals this year.
Even without RMDs for 2023, it still may make sense to start taking them as part of a long-term tax planning strategy, experts say.Now there's a 10-year withdrawal rule for certain heirs, which means they must empty the inherited account by the 10th year after the original account owner's death.But if beneficiaries put off withdrawals or take only that minimum early on, they could wind up with a"giant RMD" at year 10, warned IRA expert and certified public accountant Ed Slott.
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