Felicity Gould inherited an IRA owned by Felicity’s late aunt Karen in 2023. The account had a balance of $145,000 and Karen had started receiving required minimum distributions in 2020.
Felicity’s life expectancy in 2023 was 29 years; Karen’s, 19 years.
Please compose a client letter (sample found in Exhibit 2-10, page 2-13, in the text) to Felicity to explain the minimum distributions that she must receive over the next 10 years.
Consult the following IRS Notice:
https://www.irs.gov/pub/irs-drop/n-23-54.pdf
Do not include references within the letter, but provide at least 3 (5 for graduate students) primary references at the end of your essay. https://www.irs.gov/pub/irs-drop/n-23-54.pdf.
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