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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I have inherited an ira from my father who died at age 65 in

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I have inherited an ira from my father who died at age 65 in july 2006. the money is in a beneficiary ira account. I know i have options for taking distributions. If i elect to take the RMD over my life time..can I take out more at any there a penalty to do so? I know i must treat the distribution as income



There is no penalty for taking withdrawals in excess of the RMD. As you know whatever amount you take will be taxable as ordinary income. See #7 of the Frequently Asked Question in the link below.,,id=96989,00.html


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