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An inherited IRA is an individual retirement account opened when you inherit a tax-advantaged retirement plan (including an IRA or a retirement-sponsored plan such as a 401(k)) following the death ...
An inherited Roth IRA, also sometimes called a beneficiary IRA, is an account created for the beneficiary of a Roth IRA after the original account holder’s death. Inherited Roth IRAs do not ...
For example, while most non-spouse beneficiaries must spend down the accounts in 10 years, they only have a required minimum distribution (RMD) each year if the decedent was past the RMD age.
For single persons, any party may be named beneficiary; however, if no beneficiary is named, then it defaults to the decedent's estate. When owner dies, spouse as beneficiary can roll both accounts into one IRA account. Other beneficiaries will be subject to forced distributions (taxable) over a ten-year period.
The creation of individual retirement accounts (IRAs). Revision of rules concerning the maximum tax deduction allowed with respect to a contribution to a pension plan; Imposition of an excise tax if the employer fails to make a required contribution to a pension plan or engages in transactions prohibited by ERISA
Inheriting an IRA isn't quite as simple as taking the money and going on your way. Since an IRA is a tax-advantaged vehicle, you'll have to strategize how to maximize the value of the account ...