By Elliot Raphaelson
Q: I recently inherited a traditional IRA from my deceased mother, who was 76 and had been taking RMDs each year. Based on everything I had read, I thought that I did not have to take any required distributions (RMDs) in years one through nine, but I would be required under the 10-year rule to liquidate the account in the 10th year. In a recent column you wrote that I would have to take RMDs during years one through nine based on life expectancy tables, because my mother had already been taking RMDs. Which information is correct?
A: When the SECURE Act passed, practically all the experts in the field believed, as you indicated, that individuals who inherited traditional IRAs were not required to take RMDs in years one through nine after the death of the IRA owner. However, the IRS issued interpretations this year that changed the previously held beliefs….