If you inherited an IRA last year. When must you take distributions from it?
You have 10 years from the death to clean out the account. This doesn’t mean payouts must be distributed evenly over a 10-year period.
You can wait until the 10th year to take out all the money, Forget annual payouts, or skip multiple years, if you want, as long as the IRA is 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 deceased IRA owner. Minor children (until a child reaches 18). And individuals who inherited IRAs before 2020