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Heirs Finally Get an Answer From IRS About Money in Inherited Retirement Accounts

Pelican Press

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Heirs Finally Get an Answer From IRS About Money in Inherited Retirement Accounts

People who inherit retirement accounts have 10 years to take out the money, and most of them must take out a minimum amount each year, under rules the Internal Revenue Service finalized Thursday.

It used to be that most heirs could stretch out inherited retirement account withdrawals over their lifetimes, meaning decades of smaller payouts and more growth potential. In 2019, a new retirement law said many people who inherited individual retirement accounts or 401(k)s had to take the money out within 10 years. 

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