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Annual Distributions. Alternatively, IRA beneficiaries are allowed to take annual distributions based on the IRS life expectancy table, instead of withdrawing the entire account within five years. Annual distributions to IRA beneficiaries must begin in the year after the account ownerâs death. If annual distributions donât start on time, however, the beneficiary must liquidate the entire IRA within five years.
When a person stops putting money into an IRA and begins to withdraw money from it, these withdrawals are called IRA distributions. With a traditional IRA, a periodic IRA distribution can be taken, free of any penalties, once the account owner reaches the age of 59.5 years. An IRA distribution can actually be taken at any time, though a penalty usually applies if this is done too early. Eventual withdrawal from an IRA is considered taxable income, but this does not mean that a certain amount of taxes cannot be avoided, using an IRA.