Red-letter day for IRA heirs ? Business Management Daily: Free ...

Inherit an IRA recently? Be aware of this key tax deadline. IRA beneficiaries are determined on Sept. 30 of the year following the IRA owner?s death.

Usually, heirs of inherited IRAs can withdraw funds at a leisurely pace over the course of their lifetime. However, if multiple beneficiaries are involved and one is not an individual?say, it?s a charity or a trust?all beneficiaries must empty out their accounts within five years.

Suggestion: If the nonindividual takes the full amount before the Sept. 30 deadline, the remaining beneficiaries can take withdrawals over extended periods. For instance, you can generally choose to take withdrawals over your lifetime if you prefer to allow the funds to continue to accumulate tax-deferred income for as long as possible.

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