Didn’t take RMD’s from inherited IRA established in 2007
we really screwed up as we didn’t know they were different laws for inherited IRAs. So I haven’t been taking required RMD’s until that last year when I turned 72 and had to take one of my own Short version – my dad died in 2007 and I received an inherited IRA in 2008. I believe I converted it to my own, but I don’t remember at all what I did back then. I had no idea that I was required to take RMD‘s once he died so the money’s just been sitting there. I realize I owe money but I’m looking now for the easiest option to deal with it. I would rather not have to go back and re-file taxes from 2008 on, so if there’s a way even with penalties that I can do something relatively simpler than that I would love to know about it. I am not a high net worth person – altogether my wife and I about $200,000 worth of stocks and retirement accounts and don’t own a home so I don’t have a lot of money for an accountant but if I have to I will. My dad was 82 when he died, and I believe had taken his RMD’s, including the one of his year of death. I’m really anxious about this, so any advice or help would be much appreciated. As you can tell neither my wife or I are financially savvy.
