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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 ...
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 ...
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 Secure Act changed the rules on inherited IRAs. Instead of being able to stretch out the withdrawals across your lifespan, you now only get 10 years on newly inherited IRAs to deplete the account.
The IRS then dropped a bombshell in February 2022 that required non-eligible designated beneficiaries to take distributions throughout the 10-year period, not just at its conclusion.
Inherited Roth IRA withdrawal rules share many similarities as traditional inherited IRAs, but there are tax obligations and other conditions to consider. Rules for Withdrawing From an Inherited ...
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