The Required Minimum Distribution (RMD) rules for Inherited IRAs have changed.
The SECURE Act passed back in 2019 created a new “10-Year Rule” for Inherited IRA RMDs.
Watch this video to learn what your options are if you’ve recently inherited an IRA from a non-spouse.
Beneficiary IRAs can be complicated, so if you have any questions, don’t hesitate to reach out!
Want to download the flowchart that I mentioned in the video? Here’s a link to my LinkedIn post with a downloadable PDF:
My name is Alan Hensley. I’m a CERTIFIED FINANCIAL PLANNER™, and I love coming to work every day because it’s my job to help successful people create a financial plan so they can find more time to enjoy life. Taking the responsibility of retirement planning off my clients’ shoulders is something I take very seriously.
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If I change banks to get a better CD rate on a pre 2019 non spouse inherited IRA will the new bank treat my IRA under the old "stretch" rule or under the Secure Act rules?
What? They actually simplified part of the tax code? yay! Great video Alan!
How about inherited IRAs from a spouse? Is the RMD based on the age of the deceased spouse? Thank you!
Do you have to withdraw the principal only or do you have to zero out the account at the 10 year mark? Ex. I inherit a $200k IRA. If I invest it so I earn $$20k in dividends and growth per year, withdraw $20k per year for 10 years. At the 10 year mark, do I still have to zero out the account to satisfy the iRS requirement.
My brother passed away in April 2021. He was 57 . I am 73. I am older than him. Is this apply to 10 years rule or ??
Does it affect inherited IRA that was inherited prior to the changes in 2019?