Is it possible to withdraw money from an inherited IRA? We received This popular question, and we’re happy to answer it.

If you’re considering withdrawing money from your inherited IRA, you must watch this video! In this video, we’ll explain how to easily withdraw money from your inherited IRA, so you can start taking advantage of your investments immediately.

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If you’re wondering how to withdraw money from your inherited IRA, this video is for you! We’ll walk you through the steps necessary to withdraw money from your IRA account and explain the tax implications. If you’re ready to begin withdrawing money from your inherited IRA, watch this video and start planning your move!

With some preparation, you can withdraw money from your inherited IRA in a few simple steps. Get started on the path to financial independence with our content!

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Thank you for watching, and good luck with your financial journey.
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Carl Zoellner, Esq. is a senior attorney at Anderson Business Advisors who specializes in strategic planning for business owners with a focus on asset protection and tax planning. Carl speaks across the country to educate small business owners on the tools available for their investments from legal and tax perspectives.

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Disclaimer

The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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How To Withdraw Money From An Inherited IRA

When you inherit an Individual retirement account (IRA) from a loved one, it’s important to understand the regulations and procedures involved in withdrawing money from the account. The rules for distributions from an inherited IRA can be complex, and failing to follow them correctly can result in tax penalties. Here are the steps to help you successfully withdraw money from an inherited IRA while keeping the tax impact minimal.

1. Identify the type of inherited IRA: Before making any withdrawals, you need to determine whether the inherited IRA is a traditional IRA or a Roth IRA. This distinction is crucial because it affects the tax treatment of distributions. Traditional IRA withdrawals are generally taxable, while qualified withdrawals from a Roth IRA are tax-free.

2. Review your distribution options: The IRS offers specific distribution requirements for inherited IRAs based on your relationship with the original IRA owner. If you are the spouse of the deceased account holder, you have more flexibility than non-spouse beneficiaries. Spouses can choose to treat the inherited IRA as their own or elect to become the account beneficiary. Non-spouse beneficiaries, such as siblings or children, generally have to withdraw the funds within a set timeframe.

3. Determine the required minimum distribution (RMD): The RMD is the minimum amount that must be withdrawn from an inherited IRA each year. The IRS sets a distribution schedule based on the beneficiary’s age and life expectancy. Failure to withdraw the correct amount can result in a 50% excise tax on the difference.

4. Get professional advice: Given the complexities of inherited IRAs, seeking guidance from a tax professional or financial advisor is highly recommended. They can help you understand the tax implications of your withdrawal options and assist in creating a strategy that aligns with your financial goals.

5. Follow the IRS guidelines for beneficiary designations: If you decide to pass the inherited IRA onto your own beneficiaries, ensure you update the beneficiary designation form to reflect your choice. This step is crucial to avoid any confusion and ensure a smooth transition for your beneficiaries.

6. Withdraw strategically: To minimize the tax impact, you may consider withdrawing money from the inherited IRA over a period of time rather than taking a lump sum distribution. This strategy can help spread the taxable income across multiple years and potentially lower your overall tax liability.

7. Be aware of the potential penalties: Failing to comply with the IRS rules regarding inherited IRA distributions can result in penalties. These penalties can include the 50% excise tax mentioned earlier, which is applied to any portion of the RMD that is not withdrawn in time.

8. Keep accurate records: It’s essential to maintain comprehensive records of all your inherited IRA transactions and withdrawals. This documentation will be crucial when preparing your tax returns and monitoring your progress towards meeting the distribution requirements.

In summary, withdrawing money from an inherited IRA necessitates a careful understanding of the rules and regulations set by the IRS. By familiarizing yourself with these guidelines and seeking professional advice, you can ensure you make informed decisions that align with your financial goals while avoiding any unnecessary tax penalties.