(WSYR-TV) — If you inherit an IRA from somebody other than your spouse, there are options to keep that money tax-sheltered but the rules have changed.
Before January 1, 2019, if you inherited an IRA from someone that is not your spouse, you could roll it into what is called a beneficiary IRA. You could keep it tax-sheltered but they would make you take a distribution out every year based on your life expectancy.
New rules in January 2020 still allow you to roll it into a beneficiary IRA and defer paying taxes on it but instead of having to take a small amount out every year over the rest of your life, you have to clear out the IRA within 10 years.
So if you inherited prior to January 1, 2020 you can still go by the old rules. If you inherited after January 1, 2020 the beneficiary IRA will need to be depleted in 10-years time.