Since the tax bill will be due within months of the sale, you shouldn’t take unnecessary risks with this cash. Taxes and inherited IRAsDear Liz: Thanks for the recent column concerning children getting an inherited IRA, because I’m in that situation. If the account owner had started required minimum distributions, you must take a minimum distribution each year. Because of that confusion, the IRS has waived the penalties for failing to take required minimum distributions when the IRA owner died in 2020, 2021 or 2022. The waiver of penalties would not be available if the IRA owner died in 2023, Luscombe said.
