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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 ...
Because Secure 1.0 creates a thicket of rules and classifications to wade through, the IRS decided to waive missed RMD penalties for inherited IRAs from 2020 through 2024.
Another special provision for spousal beneficiaries is that you can take distributions from the IRA over your life expectancy, as determined by IRS tables. For example, if you inherit a $200,000 ...
Calculating these annual distributions involved using the IRS’s Uniform Lifetime Table to determine the beneficiary’s life expectancy, then reducing that figure by one each year.
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 ...
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.
Inherit: The main difference with an inherited IRA has to do with IRS rules. For example, you have more flexibility about when you choose to begin distributions and how you decide to take them.
The IRS provides further rules around your options, including what you can do with a Roth IRA, where the rules differ substantially from traditional IRAs. 2. Choose when to take your money
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