The Inherited IRA rules are confusing! **This video is not tax advice and if you’re looking for advice you should seek an expert.** Thanks for watching!

We’re an investing service that also helps you keep your dough straight. We’ll manage your retirement investments while teaching you all about your money.

#retirement #retirementplanning #dohstr8
—Ready to subscribe—

For more information visit:

— Instagram @jazzWealth

— Facebook

— Twitter @jazzWealth

Business Affairs 📧Support@JazzWealth.com…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

For individuals who have inherited an IRA, the new rules that have come into effect this year have created some confusion and frustration, especially as custodians are finding it challenging to provide clarity around the rules.

The new rules, which were implemented as part of the SECURE Act in 2019, have important implications for the way that inherited IRA accounts are managed. Most notably, the Act has eliminated the so-called “stretch” provision that formerly allowed non-spouse beneficiaries to extend distributions over their own lifetimes.

Now, non-spouse beneficiaries of inherited accounts must withdraw all assets from the account within ten years of the original owner’s death; this includes Roth IRAs as well as traditional IRAs. There are some exceptions, however, including for certain “eligible beneficiaries,” such as minor children, disabled individuals, and people who aren’t more than ten years younger than the account owner.

Despite these changes, many custodians have reportedly not done enough to help account holders navigate the new rules. Some have been slow to update their software to reflect the SECURE Act, leading to confusion around deadlines and required distributions. Others have not provided clear guidance on the tax implications of inherited accounts and how to ensure compliance with the new rules.

As a result, many individuals who inherited IRA accounts are feeling frustrated and uncertain about how to proceed. Without clear guidance from custodians or financial advisors, they may be uncertain about important considerations, such as tax liability, investment strategy, and estate planning.

However, it’s also worth noting that there are resources available to help those who have inherited IRA accounts. Organizations such as the IRS and the Financial Industry Regulatory Authority (FINRA) offer detailed information about the new rules and how to comply with them. Additionally, consulting with a financial advisor or tax professional who is familiar with the current regulations can be helpful.

While the elimination of the “stretch” provision has certainly created some challenges for those who have inherited IRA accounts, it’s important to remember that there are resources and strategies available to navigate these changes successfully. With the right information and guidance, account holders can make informed decisions about how to manage their inherited IRA accounts and maintain financial security for themselves and their families.