Author Topic: inherited Roth  (Read 787 times)

mistymoney

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inherited Roth
« on: October 27, 2021, 03:47:47 PM »
so - a friend inherited a tira from their father, and needs to take distributions, upping their taxable income.

What happens with inherited Roths? there aren't taxes if they have been over the 5 year period - but if you inherit them, can you leave those to grow indefinitely?


or do those need to be emptied in 10 years as well - you just don't pay any taxes?
« Last Edit: October 27, 2021, 03:49:42 PM by mistymoney »

secondcor521

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Re: inherited Roth
« Reply #1 on: October 27, 2021, 04:17:30 PM »
If the friend's father died after 12/31/19 (probably did), then they need to empty the Roth IRA entirely by 12/31 of the year containing the 10th anniversary of the date of death.  If the friend's father died sometime this year, then that would mean 12/31/2031.

Generally no taxes due assuming the father opened his first Roth more than 5 years ago.

mistymoney

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Re: inherited Roth
« Reply #2 on: October 28, 2021, 11:15:12 AM »
thank you! makes sense.