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In 2019, the law was changed under the SECURE Act 2.0, ... They can treat the inherited IRA as their own, or take distributions based on their life expectancy.
If you’ve inherited an individual retirement account (IRA), there are new rules in the latest version of the Setting Every Community Up for Retirement Enhancement Act, SECURE 2.0.
An inherited IRA may be the most complex issue to handle well when wrapping up an estate. ... and 2019’s SECURE Act shook up long-standing practices, creating more confusion.
The SECURE Act is estimated to cost $15.7 billion. It is primarily funded through a change to "stretch" IRAs. In the past, non-spouse beneficiaries who inherit IRAs could spread disbursements from the IRA over their lifetime. Under the SECURE Act, disbursements must be collected and taxed within 10 years of the original account holder's death. [8]
Prior to Congress passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, an IRA holder was able to name a non-spouse beneficiary to inherit an IRA, and that person ...
The Secure 2.0 Act raised the age to 73 and also laid the groundwork for another increase in a few years. ... If you've inherited an IRA since 2020 make sure you're set up with your financial ...