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The trust also has beneficiaries, which is what allows the IRA owner to have greater control over the distributions. They can specify exactly who should receive the funds, like a spouse, children ...
4. Take the tax break if you’re entitled to it. An inherited IRA may be taxable, depending on the type. If you inherit a Roth IRA, you’re free of taxes.
The change eliminates the so-called "stretch" IRA strategy, by which beneficiaries would take minimal distributions from IRAs over their lifetime, thereby stretching out their tax-deferred status ...
Amounts distributed to beneficiaries of a deceased IRA owner; Distributions in the form of an annuity (see substantially equal periodic payments) Distributions that are not more than the qualified higher education expenses of the owner or their children or grandchildren; Distributions to buy, build, or rebuild a first home ($10,000 lifetime ...
With a beneficiary IRA, the account you inherit is transferred to a different IRA that lists you as the beneficiary This is the most tax-effective way to handle an inherited IRA because it shields ...
A nonspouse IRA beneficiary must either begin distributions by the end of the year following the decedent's death (they can elect a "stretch" payout if they do this) or, if the decedent died before April 1 of the year after he/she would have been 72, [a] the beneficiary can follow the "5-year rule". The suspension of the RMD requirements for ...
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