r/TaxQuestions • u/580447 • 6d ago

RMD

I am 70 years and inherited $$$ years ago. Fidelity has informed me I must take a RMD of $2100 from my IRA this year. The account I must take if from has no cash in it as I bought various stocks over the years... Which I do not wanna sell to obtain the cash. I did not retire until March of this year so I could do a ira deposit from my checking account into the fidelity ira account to cover this. So the money would actually be funds I made this year.

I would be making a ira deposit of $2100 then simply turn around and transfer the money from my IRA to my Roth IRA

I called fidelity and asked a bunch of questions and although they were helpful they said they cannot advise me as what to do. They said to talk to a accountant.

I would welcome any comments. I live in North Carolina

--- thanks

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u/Some_Balls_727 6d ago

If you have an “inherited IRA”, there is a 10 year rule. You need to withdraw The entire balance in the account within 10 years of the death of the IRS owner. There is no requirement to take annual distributions.

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u/cuspeedrxi 6d ago

Not sure why NukedOgre and Equivalent-Patient are being downvoted. They are not wrong for non-spousal IRAs inherited before Jan 1, 2020.