Welcome to the Jill on Money Show. It's Friday, August 23rd, and we are here trying to help you make some

smart decisions for your financial future, or maybe in your near future. Doesn't have to be long-term.

It could be something happening right now. It could be weighing the difference between two different job offers.

It could mean whether you're thinking about your retirement or your kids' education funding,

how you should be managing those priorities.

If you've got a question, just go to our website, jillonmoney.com, and click the contact us button. While you're on the website,

don't forget, you can actually check out our YouTube show. It's called Jill on Money,

powered by the compound. We've got some new stuff up there, so you should keep an eye on that.

Today, our Friday focus is a very important concept. It's about retirement, income, and taxes. I don't think

enough people really consider tax implications decades in the future, but good news. We do. And today

we're starting with an email from Lee, whose subject is an inherited traditional IRA.

And Lee writes, my father passed away, I'm sorry, Lee, and left a traditional IRA to me and my two siblings. At the time of his death, he was 83.

He died in February of this year.

He had not taken the required minimum distribution.

As his heirs, are we responsible for that RMD?

Or does it matter since he passed away?

I'm getting different answers from every source.

We want to put each portion of the inheritance into inherited IRAs with the

tenure option. Is that the best idea? Thank you. Okay, Lee, Mark and I had to go look this up.

So I went to the IRS website, IRS.gov, and under the heading of retirement plans and RMDs, there's a little section which

says calculating RMDs for designated beneficiaries after the account owner's death. Okay, so here's a deal.

For the year of the account owner's death, the required minimum distribution is due, okay? It is the amount that the account

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