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Consider leaving as much of the funds that you can in the inherited IRA, especially if it is an inherited Roth IRA, where growth can be tax-free. Ignoring Changes in Tax Laws
“But because that person’s estate had to pay a federal-estate tax, you get an income-tax deduction for the estate taxes that were paid on the IRA. You might have $1 million of income with a ...
Inheriting an IRA as a beneficiary can increase your financial security. But, because an inherited IRA usually imposes a 10-year distribution schedule, the account may also create larger tax ...
Inheriting an IRA, whether a traditional or Roth account, comes with certain responsibilities. The rules for an inherited IRA depend on the specifics of your situation, as well as the deceased's ...
Taking advantage of this may be the best way to pay less in taxes on your inherited retirement account. For example, say you inherit a traditional IRA with $100,000 in it.
They can treat the inherited IRA as their own, or take distributions based on their life expectancy. These new rules do not apply to accounts inherited before 2020, or to Roth IRAs. This story was ...