Inherited IRAs can be tricky for a surviving spouse. Just roll it to your own IRA would make sense right? After all, for ease of management, just having one account is MUCH easier than managing two.
But before you do that, make sure you understand the rules and how it could affect you!
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What about inherited IRA from non spouse. How do we lower taxes thanks
I inherited my Mom's IRA. She died December 15, 2019 at 82. I am under 59 1/2. From my understanding I have 5 years from her death to empty the inherited IRA. I have to take RMD's every year except in the 2020 year. This is my first year I have to decide on taking an RMD, or just be done with it and cash in the whole inheritance, pay the tax, move on. What should I do?
Josh, I did something dumb. My mother passed away in 2010. Dec 2018 crash I got mad liquidated Mom's IRA with the click of a mouse !! The broker was high cost should have stayed with Vanguard in the beginning. Instead, I rolled ira to (First Trade) commission-free & the oldest broker. My tax lady said you screwed up big time might have to pay a big penalty!! However, my tax lady did an IRS forensic audit & my inherited IRA now looks like my individual ira. She said to stop taking any money out for your RMD's. Hopefully, I skated through all this. I am 56 y/o & don't need the money.
What about if the spouse is disabled? Do they have to take RMD?
Hey Josh, watching all your videos, big fan….really appreciate your logic. My Dad passed away recently and left his IRA’s to his 5 children. The Brokerage house set up inherited IRA’s and they are now funded. My question is this….does it make sense for me to start and annually fund Roth IRAs for myself and my wife from distributions? I am 55 and wife is 52. We currently fund my 401k 15% and her TSP 12%. Other factors …mortgage to be paid off in two – three years, no other debt. Hope to hear from you, thx!
Is this info still relevant in 2020 after the Secure act? Also, can the spouse (who is over 59 1/2) transfer the account from a Roth IRA to a regular taxable account and not pay taxes?
Thanks for the very informative video! I am 64 years old, my husband is 82, we have been married 28 years. I am the beneficiary of his IRA which is quite substantial. What are the tax ramifications for me if I roll-over half of his IRA to my IRA, and leave half on his IRA for me to withdraw on for living expenses , like paying the mortgage on our house, food, etc? I heard that the IRS can force a survivor beneficiary to liquidate all funds so that they can get their money? I wonder if that's true? I need to be able to stretch my IRA inheritance for the remainder of my life. Thanks!
My mom just passed away and left me her pension. I get a lump sum of 10K and $550.00 a month for life. I have the option of rolling everything into an IRA or taking it, which I am not going to do. My problem is that I want to split everything down the middle with my sister and don't know how this is possible. Do you have any idea's on how I can do this? Or what should I do? Any advice would be much appreciated. TY
Set up a revocable trust and declare the trust to be the beneficiary. Upon death, the Trustee can transfer the IRA into an inherited IRA and manage the account according to the provisions set forth by the grantor.
Great video, as always! Hear that, algorithm?
Thank you for clarification.
So you just leave the account in the dead spouses name? Is that legal? I assume there is a formal category called "inherited IRA" that you can convert this into?
What should a non-spouse heir under 59 1/2 do?
Great overview with clear and simple explanation. For those wanting extra written (Exec overview at least) text see: https://www.kitces.com/blog/spousal-rollover-stretch-ira-inherited-traditional-roth-401k-rmd/
Taking it a step further, is the amount in the inherited spousal IRA tax free or is it only penalty free?
Could have used this advice a year ago know better now been learning ever since thanks Josh .
Subbed and liked. Dustin tibbits brought me here. Nice vid.