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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.
The beneficiary of a traditional IRA must pay income tax as the funds are received. A Roth IRA is funded with after-tax dollars, so the beneficiary inherits the account free of income taxes.