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MequonCPA
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 time..is there a penalty to do so? I know i must treat the distribution as income

DearCustomer-

 

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.

 

http://www.irs.gov/retirement/article/0,,id=96989,00.html

 

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