This depends on whether the deceased IRA owner had already reached 70½ (the age to start receiving required minimum distributions).
If the IRA owner was 70½ or older, and already receiving required minimum payments, you have to continue receiving payments at the same rate or faster (larger payments).
If the IRA owner was not yet taking required minimum distributions, you have to take distribution of the account in one of the following ways:
- By December 31 of the fifth year after the year of the death, or
- Over your life expectancy, or a shorter period.
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If you choose option "B", you have to start receiving payments by December 31 of the year following the owner's death. If you don't, you'll have to do option "A" by default.
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