Inherited IRA

[Guest JasonMC]

My 69 year old mother passed away in November 2001 leaving me, the sole beneficiary, with her $170k IRA. I plan to change the titling on the account to an Inherited IRA and begin taking distributions over my life expectancy. I have two questions:

1) Do I just use the single life expectancy table or is there a special one for accounts titled Inherited IRA?

2) Can I withdraw more than is required in any one year, as determined by the life expectancy table? ie. I'd like to start by withdrawing $15k to pay bills.

Thank you

[Appleby]

You must use the single life expectancy table. IRS publication 590 refers to it as “single life expectancy- for use by beneficiaries.”

You can always withdraw more than the minimum amount. No penalty.