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For example, when you inherit an IRA from a spouse, you can transfer the IRA balance into your own account and delay distributions until after you turn age 72.

As a nonspouse beneficiary inheriting an IRA from a parent, you have two options: You either can withdraw the account as a lump sum, transfer it into an inherited IRA in your name or do a combination of the two.

You can manage inherited IRAs – change the investments, buy and sell different assets – but additional deposits are not allowed. You have to withdraw money from them. The timetable varies by beneficiary, but sooner or later, you have to empty an inherited IRA completely or take a heavy IRS penalty.

Your options as a beneficiary depend on whether you are the surviving spouse of the IRA owner. If you are the surviving spouse • Treat as your own. Your spouse's IRA will be transferred into a new or existing IRA in your name. If you are under age 59½, a 10% additional tax for early withdrawal may apply.

You can't change the beneficiaries of the IRA after the death of the owner. If the named beneficiary disclaims the IRA in full, he/she cannot get back through the disclaimer or it would violate the disclaimer code section.

Beneficiaries of IRAs inherited in 2020, 2021, or 2022 should plan on receiving distributions from that IRA or qualified plan in 2023. That distribution should be at least as large as the RMD that would be indicated given their life expectancy and the age they attain on their 2023 birthday.

Under the new SECURE Act, retirement assets must be distributed within ten years if the IRA owner died on or after January 1, 2020. In other words, you can take all or part or none any given year, as long as it's all distributed by 10 years.

Rowe Price must be notified when the minor reaches the age of majority. Account owners may remove or change a beneficiary at any time by submitting a Beneficiaries – Transfer on Death form signed by all owners. A beneficiary cannot change beneficiary designations.