Can I avoid taking money from an inherited IRA?
Updated 9:30 PM;
— Unsure
A. We’re sorry to hear about your mother.
And unfortunately, there are new rules on how inherited IRAs are distributed, and you won’t be able to avoid paying taxes on the money.
But you do have some time.
If you inherited the IRA from your mom on or after Jan. 1, 2020, you must withdraw all the assets in the account within 10 years, said Jeanne Kane, a certified financial planner with JFL Total Wealth Management in Boonton.
The SECURE Act, which went into effect in 2020, eliminated the ability for you to stretch the distributions over your lifetime, she said.