No. of Recommendations: 1
You have to drain the account within 10 years, in your case, that would be by 12/31/31. You can take distributions of any amount in each of the 10 years, but the account (Inherited IRA' account) has to be drained by the end date. You can take 1/10 each year, you can take all of it in the last year, you can take 1/3 in each of the last 3 years, etc. And the money can grow tax-deferred for as long as it remains in the account.
The situation only changes if you are the spouse of the decedent, or if you are a minor child of the decedent, or if you are less than 10 years younger than the decedent. There are a few other exceptions for disability, etc.
