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If you withdraw less than your RMD, you may owe a 50% penalty tax on the difference.
Contribution Limits How much can you contribute to your IRA?
By understanding them, you can make the most of your inherited IRA for years to come.And you can choose to stop the service at any time.Under federal tax law, most owners of IRAs (except Roth IRAs) must withdraw part of their tax-deferred savings each year, starting at age 70½ (or after inheriting an account).This method requires that you start taking distributions every year, on an annual basis.How much you take out depends on two things: the value of the account at the beginning of the year, and the life expectancy of the beneficiary as of the death of the original IRA holder.
Consolidating your accounts at Vanguard makes managing your portfolio and reaching your goals easier.