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LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

An Inherited IRA is an individual retirement account that is passed down to you after the original account owner has passed away. This type of IRA differs from typical IRAs in that you must take required minimum distributions (RMDs) each year, regardless of your age.

However, it’s essential to note that there have been recent changes to Inherited IRA regulations. For account owners who passed away before January 1, 2020, beneficiaries can still take distributions over their lifetime. This means that if you inherit an IRA from someone who died before this date, you can stretch RMDs out over your life expectancy.

The advantage of a stretched-out distribution is that it allows you to take smaller distributions over time, potentially lowering your tax liability. Additionally, any growth and earnings on the account are also tax-deferred, increasing the total amount of the inherited IRA.

However, if you inherit an IRA from someone who passed away after January 1, 2020, the SECURE Act has changed the rules. You will be required to withdraw all the assets within ten years of the original owner’s death or face a 50% tax penalty on any amount that should have been withdrawn.

It’s essential to keep in mind that an Inherited IRA is subject to inheritance tax laws, depending on where the original account owner lived, as well as the state where the beneficiary resides. It’s best to speak to a financial advisor or tax professional to understand how the inheritance taxes may apply to your Inherited IRA.

In closing, an Inherited IRA allows you to continue saving towards retirement, even if the original account owner is no longer with us. With the recent changes in legislation, it’s necessary to understand the rules surrounding the Inherited IRA and the tax implications that come with it. As always, consultation with a financial advisor can help you make the best financial decision for your situation.