Inherited IRAs are also normally subject to RMDs. If you inherited the account prior to 2020, you're required to take distributions based on your own life expectancy.
Beneficiaries who inherit this year and later are required to draw down the inherited account in 10 years, due to the Secure Act.I was supposed to take my first RMD by April 1, 2020. What do I do?If you turned 70½ in 2019, you had until April 1 of this year to take your very first RMD. You also would have to take your 2020 distribution by the end of this year.
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There are good reasons to exceed your RMD each year. Note the affect on tax liability for distributions while you are alive vs into your estate. MASSIVELY progressive taxation to your estate.
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