Own my home, have no debt, and must start taking RMDs on an Inherited IRA. What should I do?
What is the best thing to do with an inherited IRA?
Inherited IRA rules: 7 key things to know
- Treat the IRA as if it were your own, naming yourself as the owner.
- Treat the IRA as if it were your own by rolling it over into another account, such as another IRA or a qualified employer plan, including 403(b) plans.
- Treat yourself as the beneficiary of the plan.
What is the RMD table for 2022?
The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. Therefore, your first RMD must be taken by April 1 of the year in which you turn 72.
IRA Required Minimum Distribution (RMD) Table for 2022.
| IRA Required Minimum Distributions | |
|---|---|
| Age | Distribution Period in Years |
| 73 | 26.5 |
| 74 | 25.5 |
| 75 | 24.6 |