Question

johnny is 35 years old and inherits an ira from his mother, who dies prematurely at age 60 in may 2023. which of the following statements is correct regarding his options for the inherited ira? group of answer choices johnny does not have to take distributions until he turns 75 years old. johnny can rollover the ira into his own ira. johnny must take out the entire account value within 10 years. johnny can take distributions over his single life expectancy.

Answer 1

Johnny must take out the entire account value within 10 years.

Step-by-step explanation:

Johnny must take out the entire account value within 10 years.

When an IRA is inherited by a beneficiary who is not the spouse of the original account holder, the beneficiary is generally required to withdraw the entire account balance within 10 years.

Therefore, the correct statement regarding Johnny's options for the inherited IRA is: Johnny must take out the entire account value within 10 years.