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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.
Anyone who inherited an IRA from an owner who was already taking RMDs will need to continue taking annual distributions. ... The Secure 2.0 Act increased the RMD age from 72 to 73 starting in 2023 ...
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]
Transfer the funds directly from the 401(k) account into a new inherited IRA: If you rolled the inherited 401(k) ... Prior to the passing of the 2019 SECURE Act, non-spouse beneficiaries had more ...
Secure ACT 2.0 of Jan 2023 allows for tax and penalty free rollovers from 529 accounts to Roth IRAs, under certain conditions. Beneficiaries of 529 college savings accounts would be permitted to rollover up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA.
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