• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Don't wait to begin making withdrawals from inherited IRA

Article

Inherited IRAs come with their own set of rules. Learn why you should start withdrawiing funds from the account soon after inheritance.

Q: My father passed away in 2002 and left me his individual retirement account (IRA). I have not made any withdrawals from it and was told recently that I should have. Is that true? What should I do?

Your next step should be to file Form 5329 with the Internal Revenue Service (IRS) for each year of withdrawal you missed, and request a waiver of the 50% excise tax. The IRS will waive the requirement only if you can prove that you missed those distributions due to reasonable error and that you are taking reasonable steps to fix it.

Answers to our readers' questions were provided by Medical Economics editorial consultant David J. Schiller, JD, Schiller Law Associates, Norristown, Pennsylvania. Send your money management questions to medec@advanstar.com Also engage at http://www.twitter.com/MedEconomics and http://www.facebook.com/MedicalEconomics.

Related Videos
© National Institute for Occupational Safety and Health