Client will be inheriting IRA's from his father who recently passed away. He is 57. Father was receiving RMD distributions on these IRA's. Does the client have to continue taking these distributions?
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Zeros
Check out pg. 13-24 of TTB, both columns. -
Yes but
Yes, but he can elect to do so over the RMD tables which apply to his own lifetime, and not that of his father. He may also cash out without penalty. See TTB 13-24, "Inherited IRAs".Comment
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Yes, he can. However, the custodian does not have to follow the tax rules. Some of them won't, and some of them will, depending on the amount of $$$ involved.Comment
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