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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 ...
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 big exception is if you're inheriting your spouse's IRA, in which case you can roll over the assets of the inherited IRA into a brokerage account in your name and treat the assets as your own.
Legislation passed in 2006 allows qualified retirement plans to be amended to offer a "nonspouse rollover". If the rollover is available, a beneficiary may make a direct transfer of the funds to an inherited IRA, which must be in the name of the decedent for the benefit of the named beneficiary. This became effective beginning in 2007.
Inheriting an individual retirement account isn't like inheriting most other assets. With an inherited IRA, there are a lot of moving parts in terms of the type of IRA, the payout options, who the...
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 ...
Previously, if you inherited an IRA account, the annual required minimum distribution (RMD) was typically based on your life expectancy. But in 2020, the rules changed. Don't miss
If you’re a non-spouse beneficiary of an IRA, you must create a new inherited IRA and transfer the money into it. But if you’re the spouse of a decedent, you have two options: You can either ...