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Inheriting a parent's IRA late in the year can bring surprise taxes

Original: Inherit a Parent's $220,000 IRA in November and Their $10,000 RMD for the Year Hasn't Been Taken, and It Falls to You: Taxed as Your Income, in a Year You Didn't Plan For

A personal finance explainer highlights a rule many heirs miss: if a parent dies late in the year with a $220,000 IRA and had not yet taken their required $10,000 minimum distribution, the beneficiary must take it and pay income tax on it. That can push heirs into a higher tax bracket in a year they had not planned for.

Why now: Heirs and financial planners are discussing year-end required minimum distribution rules that can create unexpected tax bills.

IRSinherited IRArequired minimum distribution

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Evidence

• Inherit a Parent's $220,000 IRA in November and Their $10,000 RMD for the Year Hasn't Been Taken, and It Falls to You: Taxed as Your Income, in a Year You Didn't Plan For · 24/7 Wall St.

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