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When my elderly mother passes away, how will the beneficiaries need to account for the inherited Roth IRA? Will they be allowed to withdraw the monies from the Roth IRA without penalty?


The BIDaWIZ Team's Answer:

Is your mother currently making required minimum withdrawals? The rule restricts the beneficiaries from withdrawing qualified earnings from the Roth IRA until the account has been opened for at least five years. Please note that this rule only applies to the earnings portion of the account, not the principal amount held in the Roth IRA. This is referenced in IRS Publication 590 and IRC Section 408A(d)(2)(B).

The BIDaWIZ Team



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