Q: My sister passed away and I have inherited her IRA – I am not 70.5 yrs. old yet. When do I have to take money out of her IRA?

A: As a non-spouse, you have to take a withdrawal not later than the year following the year she passed away. You can either completely liquidate the IRA, or take annual payments over your lifetime. Please keep in mind that everything that is paid out from her IRA will be taxable to you as ordinary income.

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