04 Oct How much can I take from this IRA?

Q. I am 72 and inherited my mom’s IRA and have been taking 10 percent withdrawals. There is $68,000 left in the account. Beyond the 10 percent, how much can I withdraw and what tax rates apply?

— Wondering

A. Beneficiaries of an inherited IRA are required to take minimum distributions, but they can do more.

You can withdraw the full amount at any time without penalty, said Steven Holt, an attorney and chair of the taxation, trusts and estates department at Mandelbaum Salsburg in Roseland.

“The amount withdrawn is included in your gross income, just like any other income item, and is taxed at the ordinary income tax rates applicable based on your entire taxable income and filing status,” Holt said.

Before you take out they money, speak to your tax preparer so you know all the tax ramifications.

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