The IRS has announced final rules that detail the amounts that must be pulled out yearly from inherited Individual Retirement Accounts (IRA).
An inherited IRA is opened when someone inherits an IRA plan and assets are moved from the original owner to the beneficiary’s account. Before the SECURE Act 2.0 was passed by Congress in 2022 and signed into law, beneficiaries could withdraw funds from an inherited account at their discretion. Now, beneficiaries must pull out all funds within 10 years of the original owner’s death.
