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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 ...
Inherited traditional IRA: Although many of the rules for an inherited IRA are the same as an inherited Roth IRA, there are key differences. For instance, beneficiaries will typically owe income ...
Beneficiary IRA. 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 ...
But if you’ve inherited a traditional tax-deferred IRA, withdrawals will be taxed as ordinary income. So if you make $65,000 a year, withdrawing $35,000 from an inherited traditional IRA would ...
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 ...
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