Rules for inherited IRA’s from a non-spouse
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Hello! Very informative video. Thank you. Just to clarify, you refer to IRAs and tax deferred accounts so I presume the explanation is valid for Traditional IRA’s as well as 401k accounts, correct?
Does a person who takes withdrawals on an inherited ROTH IRA have to pay income tax on the distributions if the original ROTH IRA owner had the IRA for 5 years or more? I thought that the withdrawals from the inherited ROTH IRA were tax-free? The video makes it sound like they are taxable.
Just got my inherited changed in my name… from my father that passed.. what is the tax that’s in effect
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 ??
Is this 10 years only for a designated individual beneficiary ?
My Mom passed away in December 2019. The first year I didn't have to do a thing, but this year I have to take a RMD, and I have 5 years from her death to take out the entire account. If my Mom was to pass away in 2020 I would have 10 years to take out the inherited 401k Ira.
No one can explain how to get it…other than a "form" wth?
What about the federal inheritance tax exemption, for the first $11.7 million? does that apply to IRA, and 401K?
Also, when did this rule take effect? 2019 non-spouse deaths? Are they under different rules? Thanks.
10 years from what specific date? Date of death, date IRA inherited by the non-spouse? Please elaborate.
I have a mentally disabled brother who is in a trust with me where we have a Bank Trust as sole trustee and executor. Can my brother get the stretch distribution under his special needs trust ? He would still fall under the % allocation (like 50%). He also benefits because he earns $0 bc he never had a job.
Do you have the ability to skip a year or 2 on distributions for inherited ira’s inherited pre 2019… or are these earlier ones required to take the distribution every year (except last yr because of the pandemic)
Do I received a 1099-R form for the amount I received?
How to determine to the 10 years…What is considered the inception date.
Are you sure? I was told that if you inherited the IRA prior to 2020 you are grandfathered and you still have the STRETCH option. Have I been misinformed?
I was listed as the beneficiary of my mom's 401(a) and I believe that I have to take the lump sum of the remaining balance per policy, do I to pay taxes on this money?
nice video. Love your channel. my ocd says go back in time and not erase with your finger. LoL
I inherited an IRA in 2018 and planned to stretch that out. Do I now have to draw that down in 10 years?