Inherited IRAs

I inherited an IRA from my aunt last year. When must I take distributions?

*You have 10 years to from the date of death to clean out the account. This does not mean that payouts must be distributed evenly over 10-years. You can wait until year 10 to make a full distribution of the all the money, get annual payouts or skip multiple years, as long as the IRA is completely depleted within 10 years.

Many Inherited IRA beneficiaries can stretch distributions over their lifetimes: Surviving spouses of the account owner. Beneficiaries who are chronically ill, disabled or not more than 10 years younger than the diseased IRA owner. Minor children(until the child reached 18) and individuals who inherited IRAs before 2020.